PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, December 10, 2020
December 10, 2020
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
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
Agencies Announce Resolution Plan Actions
December 9, 2020
The Federal Deposit Insurance Corporation and the Federal Reserve Board announced several resolution plan actions. Resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution in bankruptcy in the event of material financial distress or failure of the company, which the COVID-19 pandemic could contribute to in the future.
Federal Reserve Bank of New York
New York Fed Launches Prequalification Process for Potential Cash Investment Manager for Commercial Paper Funding Facility as Part of Competitive Procurement
December 9, 2020
The Federal Reserve Bank of New York (New York Fed) announced that it is launching a prequalification process for cash investment management services for the Commercial Paper Funding Facility (CPFF). This is part of a multiphase competitive procurement process commenced by the New York Fed in October.