PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update --Saturday, August 22, 2020

August 22, 2020

FedACTion Task Force

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Major Developments

Agencies to Host Webinar on PPP Loan Forgiveness

August 20, 2020

The Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, and the National Credit Union Administration, as well as the Conference of State Bank Supervisors, will be hosting a webinar for bankers on Thursday, August 27, 2020 beginning at 11:00 a.m., Eastern. The webinar will address the loan forgiveness process and recent changes in the Paycheck Protection Program.


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

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

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

Click here to view a running list of proposed legislation 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

Additional Federal Support for Small Businesses Being Sought

August 21, 2020

A call for additional federal support for small businesses was raised by U.S. Senator Ben Cardin (D-MD), Ranking Member of the Committee on Small Business and Entrepreneurship, during a virtual town hall hosted by The Johns Hopkins University. In his remarks, Senator Cardin stated he was “disappointed that Congress still has not passed another economic relief bill despite ample evidence that small businesses and American families are still struggling under the public health and economic crises caused by COVID-19.”

Federal Agencies

Securities and Exchange Commission

SEC’s Division of Corporation Finance Issues Announcement on Submission of Supplemental Materials Subject to Rule 83 Confidential Treatment Requests

August 21, 2020

The U.S. Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) announced that, in light of ongoing health and safety concerns related to COVID-19, CorpFin is providing a temporary secure file transfer process for the submission of supplemental materials pursuant to Rule 418 under the Securities Act of 1933 and Rule 12b-4 under the Securities Exchange Act of 1934, as well as information subject to confidential treatment requests.

Department of Education

Student Loan Relief Extended through End of Year

August 21, 2020

The Department of Education announced that payments on federal student loans will remain suspended through December 31, 2020, without penalty. The interest rate on all federally held student loans will be set to 0% through the end of calendar year 2020. While loan payments remain suspended, collections on defaulted, federally held loans also remain halted, and any borrower with defaulted federally held loans whose employer garnishes their wages will receive a refund of those garnishments. Non-payments by borrowers working full-time for qualifying employers will count toward the 120 payments required by the Public Service Loan Forgiveness program and as payments that are required to receive forgiveness under an income-driven repayment plan. Borrowers, however, will continue to have the option to make payments.

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