PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -Thursday, July 9, 2020

July 09, 2020

FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.


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.

U.S. House of Representatives

Committee on Financial Services

Task Force Holds Virtual Hearing on Use of AI in Exposure Notification, Contact Tracing

July 8, 2020

The House Committee on Financial Services’ Task Force on Artificial Intelligence (Task Force) held a virtual hearing entitled “Exposure Notification and Contact Tracing: How AI Helps Localities Reopen Safely and Researchers Find a Cure”. Witnesses at the hearing included Brian McClendon, CEO and Co-founder of the CVKey Project; Krutika Kuppalli, M.D., an infectious diseases physician; Andre M. Perry, a Fellow at the Metropolitan Policy Program of the Brookings Institute; and, Ramesh Raskar, a Professor at MIT, and Founder of the PathCheck Foundation.

Federal Agencies

Federal Reserve Bank of New York

FRBNY’s Executive VP Delivers Remarks on Fed’s Emergency Facilities

July 8, 2020

Daleep Singh, Executive Vice President of the Federal Reserve Bank of New York (FRBNY), delivered via videoconference remarks entitled “The Fed’s Emergency Facilities: Usage, Impact, and Early Lessons,” to members of the Hudson Valley Pattern for Progress organization.

Federal Reserve Bank of Boston

FRBBOS Publishes List of Lenders Accepting New Business Customers under MSL

July 8, 2020

The Federal Reserve Bank of Boston (FRBBOS) published a state-by-state list of lenders who are participating in the Main Street Lending Program (Program) and who are currently accepting applications from business customers. The lender listing is accessible on the Program website.

Conference of State Bank Supervisors

Latest CBSI Reveals Concerns over Future Profitability, Regulatory Burden

July 8, 2020

The Conference of State Bank Supervisors released the Community Bank Sentiment Index (CBSI) for the second quarter of 2020. The CBSI captures, on a quarterly basis, community bankers’ thoughts about the future in seven key areas. The latest CBSI indicates community bankers continue to be concerned about the health of the economy, and how that will impact future profitability, franchise value and regulatory oversight.

Department of Housing and Urban Development/Federal Housing Administration

FHA Expands Home Retention Measures for Homeowners Impacted by COVID-19

July 8, 2020

The Federal Housing Administration (FHA) announced additional measures designed to assist homeowners bring their mortgages current at the end of their COVID-19 forbearance periods. According to the FHA’s announcement, effective immediately, for homeowners who do not qualify for the FHA’s COVID-19 National Emergency Standalone Partial Claim, mortgage servicers will be able to use an expanded menu of loss mitigation tools, known as a “waterfall,” to assess such homeowners’ eligibility for other options to bring their mortgages current. The additional options are available for homeowners whose mortgages were current or less than 30 days past due as of March 1, 2020.

HUD Announces Eviction Prevention and Stability Toolkit

July 8, 2020

Ben Carson, Secretary of the U.S. Department of Housing and Urban Development (HUD), announced the “Eviction Prevention and Stability Toolkit” (Toolkit), designed to encourage Public Housing Authorities (PHA) and Housing Choice Voucher (HCV) landlords to plan for and implement strategies to keep families stably housed, and mitigate economic hardships due to COVID-19. The Toolkit is composed of a PHA best practices guide, tenant brochure with tips to avoid eviction, HCV landlord flyer to encourage engagement with tenants before the moratorium expires, and repayment agreement guidance, in addition to sample documents designed to provide increased clarity for landlords and renters utilizing the resources.


UK Financial Conduct Authority

Woolard Delivers Speech on Investment Managers’ Role in Recovery

July 8, 2020

Christopher Woolard, Interim Chief Executive at the Financial Conduct Authority, delivered a speech entitled “The Role of Investment Managers in the Post COVID-19 Recovery”, at a webinar hosted by The Investment Association.

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