PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, December 10, 2020

By FedACTion Task Force

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Congress

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

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.

• Board Memo: Proposed Joint Board-FDIC final guidance for certain FBOs regarding future resolution plans

• Federal Register notice: Guidance for Resolution Plan Submissions of Certain Foreign-Based Covered Companies

• Feedback Letter Template

• Targeted Resolution Plan Letter Template

• List of 15 Domestic and Foreign Banks Required to Submit Next Resolution Plans by December 17, 2021

• News Release

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.

• News Release