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Daily Financial Regulation Update - Monday, May 11, 2020

May 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”), 116 HR. 748, Enacted March 27, 2020.

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

U.S. Senate

Committee on Small Business and Entrepreneurship

Cardin, Booker Release Plan to Prevent Underserved & Underbanked Small Businesses from Falling Further Behind During the COVID-19 Economic Crisis

May 10, 2020

U.S. Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin (D-Md.) and U.S. Senator Cory Booker (D-N.J.) today released a proposal to prevent underserved and underbanked business owners from falling further behind during and after the COVID-19 economic crisis.

U.S. House of Representatives

Committee on Financial Services

Committee to Hold Bipartisan Virtual Roundtable with Financial Regulators

May 8, 2020

On May 13, 2020, Consumer Protection and Financial Institutions Subcommittee Chairman Gregory Meeks (D-NY) and Ranking Member Blaine Luetkemeyer (R-MO) will host a virtual roundtable discussion entitled, “Update from Prudential Regulators.”

Federal Agencies

Small Business Administration

SBA Issues Interim Final Rule on Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request

May 8, 2020

The Small Business Administration (SBA) has issued an interim final rule that revises the interim final rule posted on April 24, 2020, by extending the date by which certain Paycheck Protection Program borrowers may repay their loans from May 7, 2020 to May 14, 2020, in order to avail themselves of a safe harbor with respect to a certification required by the CARES Act, and makes other conforming changes. This interim final rule supplements SBA’s implementation of the Act and requests public comment.

Department of Labor

U.S. Department of Labor Provides Additional Guidance to States On the Federal Pandemic Unemployment Compensation Program

May 9, 2020

The U.S. Department of Labor published a series of responses to specific inquiries and questions raised by states regarding the Federal Pandemic Unemployment Compensation (FPUC) program. Section 2104 of the CARES Act provides an additional $600 weekly payment boost to certain eligible individuals who are receiving other qualifying benefits. The new guidance provides states with answers to important questions they may have about FPUC and provides further administrative guidance about the program.