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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, October 17, 2020

October 17, 2020

By FedACTion Task Force

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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

Federal Reserve Bank of New York Publishes Blog Post Examining Consumers’ Expectations of COVID-19’s Effects

October 16, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “How Do Consumers Believe the Pandemic Will Affect the Economy and Their Households?” In the post, the authors analyze consumers’ beliefs about the duration of the economic impact of the COVID-19 pandemic, and present new evidence on consumers’ expected spending, income, debt delinquency, and employment outcomes conditional on different scenarios for the future path of the pandemic.

New York Fed Releases October 2020 Business Leaders Survey

October 16, 2020

The Federal Reserve Bank of New York released its Business Leaders Survey (Survey) for the month of October 2020. According to the Survey, activity in the region’s service sector declined slightly. The Survey’s headline business activity index held steady but remained negative at -4.9. The Survey’s business climate index was little changed at -65.9, indicating that the vast majority of firms continued to view the business climate as worse than normal.

New York Fed Releases Supplemental Survey Report

October 16, 2020

The Federal Reserve Bank of New York released a Supplemental Survey Report (Report), reflecting responses to supplemental questions in the October 2020 Empire State Manufacturing Survey and Business Leaders Survey. According to the Report, service sector respondents reported that prices paid overall rose 4.1%, on average, over the past twelve months, with the rate expected to slow to 3.2% over the next twelve months; and, that manufacturers reported an average rise of 3.6% over the past year and expect the rate to accelerate slightly to 3.9% over the next twelve months.


UK Financial Conduct Authority

FCA Proposes Additional Measures to Help Insurance Customers in Financial Difficulty

October 16, 2020

The UK Financial Conduct Authority (FCA) published proposals on how firms should, after October 31, continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19. Under guidance previously published by the FCA in August, the expectation to grant payment deferrals expires on October 31.

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