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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, October 2, 2020

October 02, 2020

By FedACTion Task Force

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to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

Federal Agencies

Federal Reserve Board

Federal Reserve Board Extends Temporary Actions Aimed at Increasing the Availability of Intraday Credit Extended by Federal Reserve Banks

October 1, 2020

The Board of Governors of the Federal Reserve System extended to March 31, 2021 temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions: (1) suspend uncollateralized intraday credit limits (net debit caps) and waive overdraft fees for institutions that are eligible for the primary credit program; (2) permit a streamlined procedure for secondary credit institutions to request collateralized intraday credit (max caps); and (3) suspend two collections of information that are used to calculate net debit caps.

Federal Reserve Governor Bowman Delivers Speech on Mortgage Market Regulation and Access to Mortgage Credit

October 1, 2020

Federal Reserve Governor Michelle Bowman of the Board of Governors of the Federal Reserve System delivered a speech at Jake Jabs College of Business and Entrepreneurship, Montana State University, discussing issues arising from mortgage regulations and access to mortgage credit during the COVID-19 pandemic, as well as the potential for relief through easing requirements under the Integrated Disclosure rules of the Truth in Lending and Real Estate Settlement Procedures Act.

Federal Reserve Bank of New York

Federal Reserve Bank of New York Analysts Discuss the Impact of the Corporate Credit Facilities

October 1, 2020

As part of the Federal Reserve Bank of New York’s (New York Fed) Liberty Street Economics series, three research analysts for the New York Fed document the contribution of the Primary Market and Secondary Market Corporate Credit Facilities to bond market functioning, summarizing a detailed evaluation described in a new working paper. The direct impact of the facilities was improved bond market functioning, reduced default probabilities, and reversal of some of the dramatic increase in bond spreads prior to March 2020.

Conference of State Bank Supervisors

State Financial Regulators Seek Public Comment on Prudential Standards for Nonbank Mortgage Servicers
October 1, 2020

The Conference of State Bank Supervisors (CSBS) announced that it is seeking public input on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal intends to: (1) provide better protection for borrowers, investors and other stakeholders in the occurrence of a stress event that could result in harm; (2) enhance effective regulatory oversight and market discipline over these entities; and (3) improve transparency, accountability, risk management and corporate governance standards. The public comment period begins October 1, 2020, and will close on December 31, 2020.

Office of the Comptroller of the Currency

OCC, Federal Reserve and FDIC Publish Final Rule on Current Expected Credit Losses

October 1, 2020

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a rule finalizing the interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of Accounting Standards Update No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” by banks.

Department of Labor

DOL Publishes Unemployment Insurance Weekly Claims Report Update

October 1, 2020

The U.S. Department of Labor released its Unemployment Insurance Weekly Claims Report, which found that in the week ending September 26, the advance figure for seasonally adjusted initial claims was 837,000, a decrease of 36,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 870,000 to 873,000. The four-week moving average was 867,250, a decrease of 11,750 from the previous week’s revised average. The previous week's average was revised up by 750 from 878,250 to 879,000.

Occupational Safety and Health Administration

OSHA Issues Frequently Asked Questions and Answers About Reporting Work-Related Cases of the Coronavirus

September 30, 2020

The U.S. Department of Labor’s Occupational Safety and Health Administration published additional frequently asked questions regarding the need to report employees’ in-patient hospitalizations and fatalities resulting from work-related cases of the coronavirus.


Bank of England

Bank of England Releases Monthly Decision Maker Panel Data for September 2020

October 1, 2020

The Bank of England released the results of its Decision Maker Panel survey conducted between September 4 and September 18, which received 2,623 responses. Businesses estimated that their sales in the third quarter of 2020 would be 14% lower than they would otherwise have been because of COVID-19, a significant improvement from (-30)% in the second quarter of 2020. Less recovery was expected over the next two quarters. The impact of COVID-19 on sales was expected to be (-14)% in the fourth quarter of 2020 and (-12)% in the first quarter of 2021.

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