PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update - Saturday, June 6, 2020
June 06, 2020
FedACTion Task Force
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Major Developments
Paycheck Protection Program Flexibility Act Enacted
June 5, 2020
President Donald J. Trump signed into law the Paycheck Protection Program Flexibility Act, H.R. 7010.
Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, 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 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 Banking, Housing, and Urban Affairs
Senate Banking Committee Announces Upcoming Hearings Schedule
June 5, 2020
The Senate Banking Committee (Committee) announced two upcoming hearings in the month of June:
June 9 at 10:00 AM – The full Committee will convene for a hearing entitled, “Oversight of Housing Regulators.”
June 16 at 10:00 AM – The full Committee will convene for a virtual hearing entitled, “The Semiannual Monetary Policy Report to the Congress.”
Federal Agencies
Federal Reserve Bank of Boston
Federal Reserve Bank of Boston Releases Main Street Loan Program Documents with State Street Bank & Trust
June 5, 2020
The Federal Reserve Bank of Boston released its documentation with State Street Bank and Trust Company (State Street), which is serving as a third-party vendor to serve as the custodian and accounting administrator for the Main Street Loan Program set to be launched imminently.