PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, November 7, 2020
November 07, 2020
FedACTion Task Force
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PH Client Alerts
Click here to read more from our Coronavirus series.
Congress
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.
Federal Agencies
Federal Reserve Board
Federal Reserve Publishes Latest Version of its Supervision and Regulation Report
November 6, 2020
The Board of Governors of the Federal Reserve System (Federal Reserve) published the latest version of its supervision and regulation report, which summarizes banking conditions and information about the Federal Reserve’s bank regulatory and supervisory activities.
Federal Reserve Bank of New York
New York Fed Selects Additional Firms To Broaden its Counterparty Base for CPFF and SMCCF
November 6, 2020
The Federal Reserve Bank of New York today the selection of additional counterparties to support, as applicable, the Commercial Paper Funding Facility and the Secondary Market Corporate Credit Facility.
Federal Deposit Insurance Corporation
New Report Highlights the Contributions of Community Banks to the Paycheck Protection Program
November 6, 2020
The Federal Deposit Insurance Corporation (FDIC) released an analysis of call report data from FDIC-insured banks, finding that community banks are playing a vital role in supporting small businesses through the Small Business Administration’s Paycheck Protection Program (PPP). Community banks hold nearly a third of all bank-held PPP loans, compared to holding only 15%of all bank loans.