left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update – Sunday, March 29, 2020

March 29, 2020

By FedACTion Task Force

warning-image

 = Update related to COVID-19

PH Client Alerts

PH COVID-19 Client Alert Series: Overview of the Liquidity and Credit Support Programs of the CARES ACT and Implemented by the Federal Reserve (UPDATED)

March 27, 2020

Following intense debate and negotiations, on Wednesday, March 25, 2020, the U.S. Senate unanimously approved the historic 

, providing more than $2 trillion of federal economic relief to many businesses, States and municipalities, and individuals affected by COVID-19. The U.S. House of Representatives adopted the legislation on Friday, March 27, 2020

to read more from our Coronavirus series.

Congress

Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, Enacted March 27, 2020.

Families First Coronavirus Response Act, 116 P.L. 127, 116 H.R. 6201, 134 Stat. 178, Enacted March 18, 2020.

Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, 116 P.L. 123, 116 H.R. 6074, 134 Stat. 146, Enacted March 6, 2020.

from the Senate Committee on Banking, Housing and Urban Development, 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

warning-image

 Chairman Crapo Urges Treasury, Fed to Provide Quick Guidance on Title IV of CARES Act

March 28, 2020

U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, urged the U.S. Department of Treasury and the Federal Reserve to act quickly to provide guidance on Title IV of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020.

Federal Agencies

Federal Reserve Board

Agencies Revise Capital Rules to Address Derivative Contracts and Delay Implementing Credit Loss Disclosures

March 27, 2020

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took two actions to support the U.S. economy and allow banking organizations to continue lending to households and businesses:

warning-image

 Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19

March 26, 2020

Five federal financial regulatory agencies—the Federal Reserve Board, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC)—issued a joint statement encouraging banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.

warning-image

 Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus

March 26, 2020

The Federal Reserve provides small financial institutions additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (COVID-19).

warning-image

 Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus

March 24, 2020

The Federal Reserve Board provided additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus.

warning-image

 Federal Reserve issues FOMC statement that addresses COVID-19 programs

March 23, 2020

The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions.

warning-image

 Federal Reserve announces New Programs to Keep Corporate Credit, Commercial Paper, Asset-Back Securities and Money Markets Liquid

March 23, 2020

The Federal Reserve announced several credit facilities to keep credit markets liquid.

warning-image

 Agencies encourage financial institutions to work with borrowers affected by COVID-19

March 22, 2020

The Federal Reserve Board, Conference of State Bank Supervisors (CSBS), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.

Coordinated central bank action to further enhance the provision of U.S. dollar liquidity

March 20, 2020

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announced a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

Federal Reserve Board expands its program to enhance liquidity and functioning of crucial state and municipal money markets

March 20, 2020

The Federal Reserve Board expanded its program of support for the flow of credit to the economy by taking steps to enhance the liquidity and functioning of crucial state and municipal money markets. Through the Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will now be able to make loans available to eligible financial institutions secured by certain high-quality assets purchased from single state and other tax-exempt municipal money market mutual funds.

Federal Reserve announces the establishment of temporary U.S. dollar liquidity arrangements with other central banks

March 19, 2020

The Federal Reserve announced the establishment of temporary U.S. dollar liquidity arrangements (swap lines) with the Reserve Bank of Australia, the Banco Central do Brasil, the Danmarks Nationalbank (Denmark), the Bank of Korea, the Banco de Mexico, the Norges Bank (Norway), the Reserve Bank of New Zealand, the Monetary Authority of Singapore, and the Sveriges Riksbank (Sweden). These facilities, like those already established between the Federal Reserve and other central banks, are designed to help lessen strains in global U.S. dollar funding markets, thereby mitigating the effects of these strains on the supply of credit to households and businesses, both domestically and abroad.

Federal bank regulatory agencies issue interim final capital rule for Money Market Liquidity Facility

March 19, 2020

To support the flow of credit to households and businesses, the Federal Reserve Board, FDIC, and OCC today announced an interim final rule to ensure that financial institutions will be able to effectively use a liquidity facility recently launched by the Federal Reserve Board.

Federal Reserve Board establishes a Money Market Mutual Fund Liquidity Facility (MMLF)

March 18, 2020

The Federal Reserve Board broadened its program of support for the flow of credit to households and businesses by taking steps to enhance the liquidity and functioning of crucial money markets. Through the establishment of a Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will make loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds.

Federal Banking Agencies Authorize Access to Capital and Liquidity Buffers

March 17, 2020

The federal bank regulatory agencies two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are: A statement encouraging banks to use their resources to support households and businesses; and a technical change to phase in, as intended, the automatic distribution restrictions gradually if a firm's capital levels decline.

Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF)

March 17, 2020

The Federal Reserve Board announced that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase unsecured and asset-backed commercial paper rated A1/P1 (as of March 17, 2020) directly from eligible companies.

Federal Reserve Board announces establishment of a Primary Dealer Credit Facility (PDCF)

March 17, 2020

The Federal Reserve Board announced that it will establish a Primary Dealer Credit Facility, or PDCF. The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households.

Federal banking agencies encourage banks to use Federal Reserve discount window

March 16, 2020

The Federal Reserve Board, FDIC, and OCC today released a statement encouraging banks to use the Federal Reserve's "discount window" so that they can continue supporting households and businesses.

Federal Reserve Reduces Discount Rate to ¼ Percent

March 16, 2020

The Federal Reserve Board has approved action on Sunday by the Board of Directors of the Federal Reserve Bank of Kansas City and actions on Monday by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas, and San Francisco, decreasing the discount rate (the primary credit rate) at the Banks from 1-3/4 percent to 1/4 percent, effective immediately.

warning-image

 Federal Reserve issues FOMC statement on Reduction Discount Rate

March 15, 2020

In light of the effects of the coronavirus on economic activity in the near term, the FOMC decided to lower the target range for the federal funds rate to 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective.

warning-image

 Federal Reserve Potential Actions

March 15, 2020

The Federal Reserve is monitoring credit markets and is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals. In addition to actions taken by the Federal Open Market Committee, including actions taken in coordination with other central banks, the Federal Reserve Board announced a series of actions in support of these goals. These actions are summarized below.

Coordinated Central Bank Action to Enhance the Provision of U.S. Dollar Liquidity

March 15, 2020

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

Federal Reserve Bank of New York

Statement Regarding Agency Commercial Mortgage-Backed Securities Operations

March 26, 2020

Effective March 23, 2020, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to increase the System Open Market Account (SOMA) holdings of agency mortgage-backed securities in the amounts needed to support smooth market functioning.

New York Fed Releases Frequently Asked Questions on the Commercial Paper Funding Facility

March 25, 2020

Following on the Federal Reserve Board's announcement of the Commercial Paper Funding Facility (CPFF), the Federal Reserve Bank of New York has released a set of Frequently Asked Questions to address programmatic inquiries about the facility.

Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations

March 23, 2020

Effective March 23, 2020, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to increase the System Open Market Account (SOMA) holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS.  The FOMC also directed the Desk to purchase agency commercial mortgage-backed securities (CMBS).

Statement Regarding Repurchase Operations

March 20, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct additional overnight repurchase agreement (repo) operations for same-day settlement each afternoon from 1:30 PM ET to 1:45 PM ET for the remainder of the current monthly operational schedule. These repo operations will be conducted for an aggregate offered amount of $500 billion. Also, the aggregate offered amount for the overnight repo operations conducted each morning will increase to $500 billion for the remainder of the current monthly operational schedule.

Statement Regarding Agency MBS Purchase Operations

March 20, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has updated the current bi-weekly schedule of agency MBS purchase operations.

warning-image

 New York Fed Launches Resource Hub for Coronavirus

March 20, 2020

The Federal Reserve Bank of New York released a resource hub with curated information for business owners, employees, nonprofit, and community organizations impacted by the coronavirus, or COVID-19.

Statement Regarding Agency MBS Purchase Operations

March 19, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has updated the current bi-weekly schedule of agency MBS purchase operations. Specifically, today the Desk will conduct an additional $10 billion in purchases, across two separate operations, for settlement on March 23, 2020 (T+2).  These purchases are designed to support the smooth functioning of the agency MBS market.

Statement Regarding Agency MBS Purchase Operations (Update)

March 19, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has updated the current bi-weekly schedule of agency MBS purchase operations. Specifically, tomorrow the Desk will conduct $32 billion in purchases, across 4 operations for settlement on March 24, 2020 (T+2).  These purchases are designed to support the smooth functioning of the agency MBS market.

Statement Regarding Repurchase Operations

March 17, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an additional overnight repurchase agreement (repo) operation for same-day settlement today from 1:30 PM ET to 1:45 PM ET. This repo operation will be conducted for up to an aggregate offered amount of $500 billion with a minimum bid rate of 0.10 percent. Additionally, the aggregate offered amount for the overnight repo operations conducted each morning for the remainder of this week will increase to $500 billion.

Statement Regarding Repurchase Operations

March 16, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an additional overnight repurchase agreement (repo) operation for same-day settlement today from 1:30 PM ET to 1:45 PM ET. This repo operation will be conducted for up to an aggregate offered amount of $500 billion with a minimum bid rate of 0.10 percent.

Statement Regarding Treasury Securities, Agency Mortgage-Backed Securities, and Repurchase Agreement Operations

March 15, 2020

Effective March 16, 2020, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) to increase over coming months the System Open Market Account (SOMA) holdings of Treasury securities and agency mortgage-backed securities (MBS) by at least $500 billion and at least $200 billion, respectively.

Federal Reserve Bank of Boston

Key Information on the Money Market Mutual Fund Liquidity Facility (MMLF)

March 21, 2020

The Federal Reserve established the Money Market Mutual Fund Liquidity Facility, or MMLF, to broaden its program of support for the flow of credit to households and businesses.

Federal Deposit Insurance Corporation

warning-image

 FDIC Updates Steps to Continue Operations

March 27, 2020

The FDIC is updating its internal operations.

warning-image

 Statement on Part 363 Annual Reports in Response to the Coronavirus

March 27, 2020

The FDIC issued the Statement on Part 363 Annual Reports in Response to the Coronavirus to provide additional information and guidance to insured depository institutions (IDIs) subject to Part 363 of the FDIC's regulations that have been affected by the Coronavirus Disease 2019 (referred to as COVID-19).

FDIC Chairman Addresses FSOC; Underscores Banks and Deposits Remain Safe

March 26, 2020

Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today addressed the Financial Stability Oversight Council (FSOC), highlighting the agency's ongoing efforts to provide the necessary flexibility to both banks and their customers in response to the coronavirus (COVID-19) pandemic.

The FDIC Announces a 30-Day Grace Period for the Call Report for the First Quarter of 2020

March 26, 2020

On March 25, 2020, the FDIC, along with the other federal banking agencies that are members of the Federal Financial Institutions Examination Council (FFIEC), issued a press release recognizing that financial institutions may need additional time to submit certain regulatory reports in light of the adverse effects of the Coronavirus Disease 2019 (also referred to as COVID-19).

warning-image

 Identification of Essential Critical Infrastructure Workers During the COVID-19 Response Efforts

March 26, 2020

The Cybersecurity and Infrastructure Security Agency (CISA) issued guidance identifying financial services sector workers as essential critical infrastructure workers during the COVID-19 response emergency.

Temporary Alternative Procedures for Sending Supervision-Related Mail and Email to the FDIC

March 26, 2020

During this period of national emergency, the FDIC is encouraging financial institutions and other parties to use alternative procedures to send the agency official mail related to supervisory matters and to use secure email to send official supervisory correspondence.

warning-image

 Frequently Asked Questions For Financial Institutions and Consumers Affected by the Coronavirus

March 19, 2020

The FDIC understands that financial institutions and consumers may have questions about the potential impact of the Coronavirus Disease 2019 (referred to as COVID-19). In response, the FDIC is providing two sets of frequently asked questions (FAQs), one for financial institutions and one for consumers. The FAQs address a variety of issues that may arise as financial institutions work with customers and communities affected by COVID-19. The FDIC recognizes that such efforts can be accomplished in a manner that is consistent with safe and sound banking practices, compliant with applicable laws (including consumer protection laws), and in the public interest. The FDIC will continue to add FAQs to the initial list, as needed, to address additional questions and issues that arise.

warning-image

 Joint Statement on CRA Consideration for Activities in Response to the COVID-19

March 19, 2020

The Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency (the agencies) recognize the potential for the Coronavirus Disease (referred to as COVID-19) to adversely affect the customers and operations of financial institutions. The agencies encourage financial institutions to work with affected customers and communities, particularly those that are low- and moderate-income. Pursuant to the Community Reinvestment Act (CRA), the agencies will provide favorable consideration of certain retail banking services, retail lending activities, and community development activities related to this national emergency.

Regulatory Capital Rule: Clarification on the Use of Buffers

March 19, 2020

The FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency (the agencies) are issuing the attached questions and answers (Q&As) in response to public inquiries on the agencies' Statement Regarding the Use of Capital and Liquidity Buffers, which was issued on March 17, 2010.

Regulatory Capital Rule: Eligible Retained Income

March 19, 2020

The FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency (the agencies) jointly issued an interim final rule that revises the definition of eligible retained income for all depository institutions, bank holding companies, and savings and loan holding companies subject to the agencies' capital rule, which becomes effective upon publication in the Federal Register.

warning-image

 FDIC Chairman Urges FASB to Delay Certain Accounting Rules Amid Pandemic

March 19, 2020

Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today sent a letter to the Financial Accounting Standards Board (FASB) urging a delay in transitions to and exclusions from certain accounting rules.

Federal Financial Institutions Examination Council

warning-image

 Financial Regulators Highlight Coordination and Collaboration of Efforts to Address COVID-19
March 25, 2020

FFIEC members, who met as a group yesterday, are actively discussing and identifying appropriate measures, both collaboratively and individually, to maintain safety and soundness while protecting consumers. Members note that banks and credit unions of all sizes have built up substantial levels of capital and liquidity over the last decade, positioning them well to support the needs of households and businesses.

Office of the Comptroller of the Currency

warning-image

 Statement of the Comptroller of the Currency on the Enactment of the Nation's Stimulus Package

March 27, 2020

Comptroller of the Currency Joseph M. Otting made the following statement following passage and enactment of the CARES Act to support the nation’s response to COVID-19.

Current Expected Credit Losses: Interim Final Rule

March 27, 2020

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies), today announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of Accounting Standards Update No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (CECL1).

warning-image

 Standardized Approach for Counterparty Credit Risk: Notice to Allow Early Adoption

March 27, 2020

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies), recognize the recent economic disruptions caused by the coronavirus (also known as COVID-19) and recent volatility in U.S. financial markets. In light of these developments, the agencies today issued a notice to allow banking organizations to implement the final rule titled "Standardized Approach for Calculating the Exposure Amount of Derivative Contracts" (SA-CCR rule)

for the first quarter of 2020, on a best efforts basis.

warning-image

 Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19

March 26, 2020

Comptroller of the Currency Joseph M. Otting made the following statement during today’s Financial Stability Oversight Council meeting regarding the condition of the federal banking system and its response to the COVID-19 national emergency.

warning-image

 Pandemic Planning: Essential Critical Infrastructure Workers in the Financial Services Sector

March 25, 2020

The Office of the Comptroller of the Currency (OCC) recognizes the potential for the coronavirus (also referred to as COVID-19) to adversely affect bank operations, including the movement of workers responsible for the operations and maintenance of critical infrastructure.

warning-image

 Consolidated Reports of Condition and Income: 30-Day Grace Period for the March 31, 2020, Call Report Date

March 25, 2020

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) under the auspices of the Federal Financial Institutions Examination Council (FFIEC) today issued a press release recognizing that financial institutions may need additional time to submit certain regulatory reports in light of the coronavirus disease (also referred to as COVID-19). The agencies will not take action against any institution for submitting in good faith its March 31, 2020, Consolidated Reports of Condition and Income (or call report) after the official filing deadline, as long as the report is submitted within 30 days after the official filing deadline.

warning-image

 Short-Term Investment Funds: OCC Interim Final Rule and Order

March 23, 2020

The Office of the Comptroller of the Currency (OCC) announced an interim final rule (IFR) revising its short-term investment fund (STIF) rule for OCC-supervised banks acting in a fiduciary capacity. The IFR allows the OCC to authorize banks to temporarily extend maturity limits of these funds if the agency determines that sudden disruptions in the financial markets negatively affect the ability of banks to operate in compliance with maturity limits required by the STIF rule. Simultaneously, the OCC also announced an order (Order) temporarily extending the maturity limits for STIFs affected by the market effects of Coronavirus Disease (also referred to as COVID-19).

warning-image

 OCC Revises Short-Term Investment Fund Rule

March 22, 2020

The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity. Simultaneously to announcing the interim final rule, the OCC also announced an order extending the maturity limits for STIFs affected by the market effects of COVID-19.

Money Market Liquidity Facility: Interim Final Rule

March 19, 2020

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies), today announced an interim final rule to ensure that financial institutions will be able to effectively use a liquidity facility launched on Wednesday, March 18, 2020, by the Federal Reserve. The Federal Reserve launched the Money Market Mutual Fund Liquidity Facility to enhance the liquidity and functioning of money markets and to support the economy.

warning-image

 Pandemic Planning: Joint Statement on Community Reinvestment Act Consideration for Activities in Response to COVID-19

March 19, 2020

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies), recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. The agencies encourage financial institutions to work with affected customers and communities, particularly those that are low- and moderate-income.

Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility

March 19, 2020

To support the flow of credit to households and businesses, the federal bank regulatory agencies today announced an interim final rule to ensure that financial institutions will be able to effectively use a liquidity facility recently launched by the Federal Reserve Board.

warning-image

 Pandemic Planning: Joint Questions and Answers Regarding Statement About the Use of Capital and Liquidity Buffers

March 19, 2020

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies), recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. On March 17, 2020, the agencies issued a statement encouraging banking organizations to use their capital and liquidity buffers as they respond to the challenges presented by the effects of COVID-19-related issues.

Department of the Treasury

warning-image

 Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers

March 24, 200

“I strongly support the Department of Homeland Security’s recent guidance identifying financial services sector workers as essential critical infrastructure workers during the COVID-19 response emergency.  The guidance provides information to State and local officials, as they work to protect their communities, to ensure the continuity of functions that are critical to public health and safety, as well as economic and national security…”

warning-image

 Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak

March 21, 2020

The U.S. Treasury Department and Internal Revenue Service (IRS) announced that the tax filings and payments for all federal income taxes (including self-employment tax) due on April 15, 2020, regardless of amount, will now be due on July 15, 2020.

warning-image

 Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave

March 20, 2020

The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

warning-image

 Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

March 18, 2020

The U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

Financial Crimes Enforcement Network

warning-image

 The Financial Crimes Enforcement Network (FinCEN) Encourages Financial Institutions to Communicate Concerns Related to the Coronavirus Disease 2019 (COVID-19) and to Remain Alert to Related Illicit Financial Activity

March 16, 2020

FinCEN requests financial institutions affected by the COVID-19 pandemic to contact FinCEN and their functional regulator as soon as practicable if a COVID-19-affected financial institution has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports.

Consumer Financial Protection Bureau

warning-image

 CFPB Provides Flexibility During COVID-19 Pandemic

March 26, 2020

The Consumer Financial Protection Bureau (Bureau) announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic.

warning-image

 What you need to know about student loans and the coronavirus pandemic

March 26, 2020

The U.S. Department of Education announced that all borrowers with federally-held student loans will automatically have their interest rates set to 0% for at least 60 days.

warning-image

 Media Advisory: Consumer Financial Protection Bureau Resources for Consumers During COVID-19 Pandemic

March 24, 2020

The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau.

warning-image

 CFPB Director Kraninger Statement on Joint HUD-FHFA Announcement on Foreclosure and Eviction Moratorium

March 18, 2020

"The actions taken today by HUD and FHFA are timely and an important step in providing assurance to consumers. I commend my colleagues at HUD and FHFA for being proactive on this issue and providing Americans with much needed peace of mind during this uncertain time…”

Securities and Exchange Commission

warning-image

 SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19

March 26, 2020

Today, the Securities and Exchange Commission announced that it is providing additional temporary regulatory relief to market participants in response to the effects of the Coronavirus Disease 2019 (COVID-19). The actions announced today involve (1) parties needing to gain access to make filings on the EDGAR system, (2) certain company filing obligations under Regulation A and Regulation Crowdfunding, and (3) a filing requirement for municipal advisors.

warning-image

 SEC Extends Conditional Exemptions From Reporting and Proxy Delivery Requirements for Public Companies, Funds, and Investment Advisers Affected By Coronavirus Disease 2019 (COVID-19)

March 25, 2020

Today, the Securities and Exchange Commission announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is also extending regulatory relief previously provided to funds and investment advisers whose operations may be affected by COVID-19.  In addition, the SEC’s Division of Corporation Finance issued today its current views regarding disclosure considerations and other securities law matters related to COVID-19.

warning-image

 SEC Provides Temporary Additional Flexibility to Registered Investment Companies Affected by Coronavirus

March 23, 2020

The Securities and Exchange Commission today announced temporary flexibility for registered funds affected by recent market events to borrow funds from certain affiliates and to enter into certain other lending arrangements. Today’s relief is designed to provide funds with additional tools to manage their portfolios for the benefit of all shareholders as investors may seek to rebalance their investments.

warning-image

 SEC Provides Conditional Regulatory Relief for Registered Transfer Agents and Certain Other Persons Affected by the Coronavirus Disease 2019 (COVID-19)

March 22, 2020

The impacts of COVID-19 may present challenges for transfer agents and other persons that are affected either directly or indirectly by COVID-19.  To address these challenges, the Commission has issued an order that, subject to certain conditions, provides registered transfer agents and certain other persons with exemptive relief for certain regulatory obligations under the federal securities laws through May 30, 2020. .

warning-image

 SEC Enables Immediate Effectiveness of Proposed Rule Change to Facilitate NYSE Electronic Auctions in Light of Temporary Closure of Physical Trading Floor

March 21, 2020

The U.S. Securities and Exchange Commission noticed for immediate effectiveness a proposed rule filing submitted by New York Stock Exchange LLC (NYSE) to facilitate electronic auctions in light of its decision to temporarily close its New York trading floor.

Commodity Futures Trading Commission

warning-image

 CFTC Postpones March 31 Open Meeting

March 27, 2020

Commodity Futures Trading Commission Chairman Heath P. Tarbert today announced the open meeting scheduled for March 31 has been postponed due to the impact of COVID-19 (coronavirus).

warning-image

 CFTC Issues Third Wave of Relief to Market Participants in Response to COVID-19

March 20, 2020

The Commodity Futures Trading Commission today announced that in response to the COVID-19 (coronavirus) pandemic, the Division of Swap Dealer and Intermediary Oversight (DSIO) has issued two additional no-action letters providing temporary, targeted relief to a large U.S. bank that helps finance America’s oil and gas sector and to those who operate commodity-focused investment funds the CFTC regulates

warning-image

 ICYMI: Chairman Tarbert Highlights CFTC’s COVID-19 Response

March 18, 2020

Commodity Futures Trading Commission Chairman and Chief Executive Heath P. Tarbert highlighted the agency’s response to the COVID-19 (coronavirus) pandemic today in an interview on Fox Business’ Cavuto: Coast to Coast, as well as in an op-ed for FoxBusiness.com.

  • includes video of the interview excerpts from the Chairman’s op-ed.

warning-image

 CFTC Provides Relief to Market Participants in Response to COVID-19

March 17, 2020

The Commodity Futures Trading Commission today announced the Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a number of no-action letters providing temporary, targeted relief to futures commission merchants, introducing brokers, swap dealers, retail foreign exchange dealers, floor brokers, and other market participants in response to the COVID-19 (coronavirus) pandemic.

warning-image

 CFTC Issues Second Wave of Relief to Market Participants in Response to COVID-19
March 17, 2020

The Commodity Futures Trading Commission today announced the Division of Market Oversight (DMO) has issued three no-action letters providing temporary, targeted relief to swap execution facilities (SEFs) and certain designated contract markets (DCMs) in response to the COVID-19 (coronavirus) pandemic.

FINRA

warning-image

 State “Shelter-in-Place” and “Stay-at-Home” Orders

March 27, 2020

In response to the COVID-19 pandemic, a growing number of states and localities have issued workplace restrictions as part of their efforts to prevent the spread of the disease.  These “shelter-in-place” or “stay-at-home” orders vary in scope and duration, but generally require businesses not considered “essential” to close their physical offices and continue their operations remotely.

warning-image

 Cybersecurity Alert: Measures to Consider as Firms Respond to the Coronavirus Pandemic (COVID-19)

March 26, 2020

As work processes adjust in response to COVID-19, firms and their associated persons should take appropriate measures to address increased vulnerability to cybersecurity attacks and to protect customer and firm data on firm and home networks, as well as devices.

warning-image

 Frequently Asked Questions Related to Regulatory Relief Due to the Coronavirus Pandemic

March 24, 2020

Due to the coronavirus pandemic (COVID-19), FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. The relief provided does not extend beyond the identified rules and requirements. FINRA will continue to monitor the situation to determine whether additional guidance and relief may be appropriate.

warning-image

 FINRA Provides Temporary Extension of Time for Submission of Fingerprint Information Under Rule 1010(d)

March 24, 2020

On March 20, 2020, the Securities and Exchange Commission (the Commission) issued an order that, among other things, provides a temporary exemption until May 30, 2020 from the fingerprinting requirements of Securities Exchange Act Rule 17f-2 for FINRA members and their employees. As a condition of the relief, the Order requires written notification to the Commission by May 30, 2020, that a person will rely on the exemption. FINRA has provided that notification on behalf of all of its members and their employees.

warning-image

 Regulatory Operations Update

March 23, 2020

FINRA remains fully operational during the COVID-19 outbreak through the support of our robust remote work capabilities, and we continue to carry out our regulatory responsibilities of protecting investors and market integrity in these challenging times.

National Credit Union Association

warning-image

 NCUA Chairman Hood: Coronavirus Aid, Relief, and Economic Security Act Will Provide Needed Relief

March 27, 2020

“The Coronavirus Aid, Relief and Economic Security Act provides vital economic support and regulatory relief, and will ensure that credit unions play a critical role in the economic recovery following the coronavirus outbreak. Most importantly, the act provides the NCUA Board with the power to expand access to and increase the borrowing authority for the Central Liquidity Facility. This will enhance its role as a liquidity backstop for the credit union system…”

warning-image

 Financial Regulators Highlight Coordination and Collaboration of Efforts to Address COVID-19

March 25, 2020

The Federal Financial Institutions Examination Council continues to monitor and respond to the COVID-19 pandemic to promote the ongoing ability of the nation’s financial institutions to support the households and businesses that depend on them.

warning-image

 NCUA: Urgent Needs Grants Available to Help Credit Unions Affected by COVID-19

March 23, 2020

Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from the National Credit Union Administration.

warning-image

 Deposits Are Safe in Federally Insured Credit Unions

March 19, 2020

The National Credit Union Administration is reminding credit union members of the safety of their deposits in federally insured credit unions. The NCUA also reminds individuals to remain vigilant against COVID-19-related scams.

U.S. Small Business Association

warning-image

 Carranza Implements Automatic Deferment on Existing SBA Disaster Loans Through End of 2020

March 23, 2020

Today, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.

warning-image

 SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

March 17, 2020

Today, the U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).

Federal Housing Finance Agency

warning-image

 FHFA Moves to Provide Eviction Suspension Relief for Renters in Multifamily Properties

March 23, 2020

Today, to keep renters in multifamily properties in their home and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) is announcing that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.

warning-image

 FHFA Directs Enterprises to Grant Flexibilities for Appraisal and Employment Verifications

March 23, 2020

Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020.

warning-image

 FHFA Authorizes the Enterprises to Support Additional Liquidity in the Secondary Mortgage Market

March 23, 2020

Today, to help support immediate needs for liquidity in the secondary mortgage market, the Federal Housing Finance Agency (FHFA) has authorized Fannie Mae and Freddie Mac (the Enterprises) to enter into additional dollar roll transactions (dollar roll transactions provide mortgage-backed securities investors with short-term financing of their positions, providing liquidity to these investors).

warning-image

 FHFA Suspends Foreclosures and Evictions for Enterprise-Backed Mortgages

March 18, 2020

Today, to help borrowers who are at risk of losing their home, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage.

Department of Housing and Urban Development/ Federal Housing Administration

warning-image

 HUD Provides Toolkits And Virtual Office Hours For Homeless Service Providers And Communities

March 19, 2020

The U.S. Department of Housing and Urban Development (HUD) has taken action by creating a COVID-19 resource center, with action plans, tools, and targeted information for HUD-assisted individuals and communities.

warning-image

 HUD Provides Immediate Relief for Homeowners Amid Nationwide Coronavirus Response

March 18, 2020

U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson, in consultation with the Trump Administration and the Coronavirus Task Force, today authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days. These moratoriums are part of the continued effort by President Trump to address impacts to the financial well-being of America’s individuals, families, and businesses caused by Coronavirus (COVID-19).

Fannie Mae

warning-image

 Fannie Mae Provides Assistance to Help Renters Impacted by COVID-19 Stay in Their Apartments

March 24, 2020

In coordination with the Federal Housing Finance Agency (FHFA), Fannie Mae is allowing lenders to grant forbearance to borrowers in properties financed by Fannie Mae for up to three months if the borrower is experiencing hardship due to the impact of the COVID-19 national emergency. As part of the forbearance plan, borrowers must agree to suspend evictions of tenants who are facing financial hardship due to the current crisis. Fannie Mae anticipates that this will provide relief to renters across more than 27,000 properties.

warning-image

 COVID-19 Impact on Originations and Appraisals Lender Letters

March 23, 2020

Today, we announced flexibilities for lenders when originating and closing loans and we remind lenders of certain business continuity obligations. These temporary alternatives – which are effective immediately for all loans in process and will remain in place for loans with application dates on or before May 17, 2020 – are available to support lenders and help ensure continued liquidity in the mortgage market during this COVID-19 national emergency.

warning-image

 Fannie Mae Assistance Options for Homeowners Impacted by COVID-19

March 18, 2020

Fannie Mae (FNMA/OTCQB) wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. We want to remind those impacted by COVID-19 of available mortgage assistance and relief options.

Freddie Mac

warning-image

 Freddie Mac Announces Nationwide COVID-19 Relief Plan Affecting More than 4 Million Multifamily Apartment Renters

March 24, 2020

Freddie Mac announced, in coordination with the Federal Housing Finance Agency (FHFA), a nationwide relief plan for its Multifamily borrowers and residents of their apartment properties. Under the Freddie Mac program, multifamily landlords whose properties are financed with a Freddie Mac Multifamily fully performing loan can defer their loan payments for 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. In turn, Freddie Mac is requiring landlords not to evict any tenant based solely on non-payment of rent during the forbearance period. Through partnership with its network of Optigo® lenders and investors, Freddie Mac anticipates that the program can provide relief for up to 4.2 million U.S. renters across more than 27,000 properties.

warning-image

 Freddie Mac Announces Enhanced Relief for Borrowers Impacted by COVID-19

March 18, 2020

Freddie Mac (OTCQB: FMCC) today announced it is taking numerous actions to protect those affected, either directly or indirectly, by the novel coronavirus, known as COVID-19. Specifically, for its Single-Family business, the company announced a nationwide suspension of all foreclosure sales and evictions of borrowers living in homes owned by the company. It also announced a variety of additional mortgage relief options, including an expansion of its forbearance program, to incorporate additional impacted borrowers.

Ginnie Mae

warning-image

 Ginnie Mae addresses servicer liquidity issues

March 27, 2020

Under the Ginnie Mae MBS program, the approved issuers who service mortgage-backed securities (MBS) are required to remit scheduled principal and interest (P&I) to investors, and make various other payments in connection with mortgage loans, even when monthly payments are not received from borrowers.

warning-image

 Temporary Use of Digital Signatures on form HUD 11711A and form HUD 11711B

March 25, 2020

In order to address concerns and minimize potential market disruptions related to COVID-19, Ginnie Mae is undertaking a temporary measure allowing for the electronic execution and transmission of form HUD 11711A (Release of Security Interest) and form HUD-11711B (Certification and Agreement).

warning-image

 Ginnie Mae Statement on COVID-19

March 20, 2020

In the wake of the COVID-19 outbreak, Ginnie Mae is positioned to continue providing services across its range of stakeholders. We are in close communication with issuers, servicers, vendors, and trustees. Program functions are expected to be completed in a timely manner. In addition, Ginnie Mae is working in tandem with its insuring agency partners, including the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) to ensure a continued flow of homeownership capital. We are addressing the economic impacts resulting from the outbreak and will take further action as necessary.

Department of Education

warning-image

 Secretary DeVos Directs FSA to Stop Wage Garnishment, Collections Actions for Student Loan Borrowers, Will Refund More Than $1.8 Billion to Students, Families

March 25, 2020

U.S. Secretary of Education Betsy DeVos announced that, due to the COVID-19 national emergency, the Department will halt collection actions and wage garnishments to provide additional assistance to borrowers. This flexibility will last for a period of at least 60 days from March 13, 2020.

warning-image

 Secretary DeVos Publishes New Resource on Accessibility and Distance Learning Options

March 21, 2020

U.S. Secretary of Education Betsy DeVos announced today the Department has released new information clarifying that federal law should not be used to prevent schools from offering distance learning opportunities to all students, including students with disabilities. This new resource from the Office for Civil Rights (OCR) and the Office of Special Education and Rehabilitative Services (OSERS) explains that as a school district takes necessary steps to address the health, safety, and well-being of all its students and staff, educators can use distance learning opportunities to serve all students.

warning-image

 Secretary DeVos Suspends Federal Student Loan Payments, Waives Interest During National Emergency

March 20, 2020

U.S. Secretary of Education Betsy DeVos announced today that the office of Federal Student Aid is providing student loan relief to tens of millions of borrowers during the COVID-19 national emergency. All borrowers with federally held student loans will automatically have their interest rates set to 0% for a period of at least 60 days. In addition, each of these borrowers will have the option to suspend their payments for at least two months to allow them greater flexibility during the national emergency.

warning-image

 Secretary DeVos Announces Broad Flexibilities for States to Cancel Testing During National Emergency

March 20, 2020

U.S. Secretary of Education Betsy DeVos announced today students impacted by school closures due to the coronavirus (COVID-19) pandemic can bypass standardized testing for the 2019-2020 school year. Upon a proper request, the Department will grant a waiver to any state that is unable to assess its students due to the ongoing national emergency, providing relief from federally mandated testing requirements for this school year.

warning-image

 U.S. Department of Education Releases Webinar, Fact Sheet for Protecting Students' Civil Rights During COVID-19 Response

March 17, 2020

The Office for Civil Rights (OCR) at the U.S. Department of Education released today a webinar on ensuring web accessibility for students with disabilities for schools utilizing online learning during the Coronavirus (COVID-19) outbreak. In addition, OCR published a fact sheet for education leaders on how to protect students' civil rights as school leaders take steps to keep students safe and secure.

State Agencies

New York Department of Financial Services

warning-image

 DFS Issues New Emergency Regulation Requiring New York Regulated Financial Institutions To Provide Financial Relief To New Yorkers Demonstrating Financial Hardship From Covid-19 Pandemic
March 24, 2020

The Department of Financial Services (DFS) issued an emergency regulation requiring that, during a specified time, New York State regulated financial institutions provide residential mortgage forbearance on property located in New York for a period of 90 days to any individual residing in New York who demonstrates financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness requirements of the regulated institutions.

warning-image

 Department of Financial Services Adopts New Emergency Regulation Requiring Insurance Companies To Waive Cost-Sharing For In-Network Telehealth Visits
March 17, 2020

The Department of Financial Services (DFS) today announced it has adopted a new emergency regulation under New York Insurance Law requiring New York State insurance companies to waive cost-sharing, including, deductibles, copayments (copays), or coinsurance for in-network telehealth visits. Telehealth is the use of electronic information and communication technologies by a health care provider to deliver health care services to an insured while an insured is located at a site that is different from the site where the health care provider is located.

warning-image

 NY State of Health and New York State Department of Financial Services Announce Special Enrollment Period for Uninsured New Yorkers, as Novel Coronavirus Cases Climb

March 16, 2020

NY State of Health, together with the New York State Department of Financial Services (DFS), today announced that New Yorkers will make a Special Enrollment Period available to New Yorkers during which eligible individuals will be able to enroll in insurance coverage through NY State of Health, New York’s official health plan Marketplace, and directly through insurers.

California Department of Business Oversight

warning-image

 Coronavirus Updates

March 25, 2020

The State of California is working to soften the financial impact of COVID-19 on residents who are struggling to pay their mortgage and bills. Citigroup, JP Morgan Chase, US Bank, Wells Fargo, and nearly 200 state-chartered banks, credit unions, and servicers have committed to providing relief for consumers and homeowners in California.

warning-image

 California Releases Guidance to Help Californians Experiencing Financial Hardship Because of COVID-19 Pandemic

March 23, 2020

Following Governor Gavin Newsom’s Executive Order to protect renters and homeowners, the Business, Consumer Services and Housing Agency (BCSH) and the Department of Business Oversight (DBO) have provided guidance to help keep Californians from losing their homes or suffering further financial hardship as a result of the COVID-19 pandemic.