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Daily Financial Regulation Update -- Friday, September 11, 2020

September 11, 2020

By FedACTion Task Force

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Congress

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 Bank of New York

Singh Delivers Remarks on Creating Opportunity out of Crisis: Extending Access to the Fed’s Emergency Facilities

September 10, 2020

Federal Reserve Bank of New York (FRBNY) Executive Vice President Daleep Singh delivered remarks via videoconference at the National Association of Securities Professionals’ 15th Annual Legislative Symposium addressing the unequal impact of the COVID-19 pandemic on vulnerable segments of U.S. society, the FRBNY’s policy response, and the importance of proper implementation of policy on addressing the unequal impacts of the pandemic.

Department of Labor

DOL Releases Unemployment Insurance Weekly Claims Report Update

September 10, 2020

The U.S. Department of Labor’s Unemployment Insurance Weekly Claims Report found that, in the week ending September 5, 2020, the advance figure for seasonally adjusted initial claims was 884,000, unchanged from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 881,000 to 884,000. The 4-week moving average was 970,750, a decrease of 21,750 from the previous week’s revised average. The previous week’s average was revised up by 750 from 991,750 to 992,500.