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Daily Financial Regulation Update -- Thursday, October 1, 2020

October 01, 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 Board

Federal Reserve Board Announces Extension of Measures Designed to Ensure Capital Resilience of Large Banks

September 30, 2020

The Board of Governors of the Federal Reserve System announced that, due to the continued economic uncertainty caused by the ongoing COVID-19 pandemic, it will extend, for an additional quarter, several measures designed to ensure that large banks maintain a high level of capital resilience. For the fourth quarter of this year, large banks – i.e., those with more than $100 billion in total assets – will be prohibited from making share repurchases and dividend payments will be capped and tied to a formula based on recent income.

Governor Bowman Delivers Speech on Community Banks’ Response to COVID-19

September 30, 2020

Michelle W. Bowman, a Member of the Board of Governors of the Federal Reserve System, delivered a speech entitled “Community Banks Rise to the Challenge” at the "Community Banking in the 21st Century" Research Conference at the Federal Reserve Bank of St. Louis.

Conference of State Bank Supervisors

CSBS Survey Shows COVID-19’s Impact on Community Banks

September 30, 2020

The Conference of State Bank Supervisors released its 2020 National Survey of Community Banks (Survey). The Survey demonstrated that concern about business conditions surpassed funding as the greatest challenge for community banks as they navigated the impact of the COVID-19 pandemic.

CSBS Releases 2020 Five Questions for Five Bankers

September 30, 2020

The Conference of State Bank Supervisors (CSBS) released its “2020 Five Questions for Five Bankers.” This year’s questions focused on how bankers are serving the community during the COVID-19 pandemic and the future of community banking; burden reduction from regulatory relief or supervisory efforts; funding challenges and opportunities; the impact of natural disasters, extreme weather events and other climate-related change; and evaluating compliance with the Bank Secrecy Act/Anti-Money Laundering laws.

Federal Housing Finance Agency

FHFA Blog Post Addresses Need to Help Borrowers with Limited English Proficiency

September 30, 2020

The Federal Housing Finance Agency (FHFA) published a blog post titled “Lowering the Language Barrier: Helping Borrowers with Limited English Proficiency amid Uncertain Times.” The authors examined how, for the estimated 26 million people in the country considered to be limited English proficient, the mortgage process, which today is further complicated by the COVID-19 pandemic, can be difficult to navigate, especially when borrowers have trouble making their mortgage payments due to financial hardships.

International

European Banking Authority

EBA Publishes Work Program for 2021

September 30, 2020

The European Banking Authority (EBA) published its annual EBA Work Programme 2021. The program describes the activities and tasks of the EBA for the coming year, and highlights the EBA’s key strategic areas of work.

Bank of England

Haldane, Bank’s Chief Economist, Delivers Speech on Economic Anxiety

September 30, 2020

Andrew G. Haldane, Chief Economist of the Bank of England (Bank) and Member of the Bank’s Monetary Policy Committee, delivered a speech entitled “Avoiding Economic Anxiety” at the Cheshire and Warrington LEP Economic Summit Webinar. In his speech, Haldane examined the UK’s recovery from the economic impacts of the ongoing COVID-19 pandemic.

UK Financial Conduct Authority

FCA Issues Statement on COVID-19 and 10% Depreciation Notifications

September 30, 2020

The Bank of England’s Financial Conduct Authority (FCA) issued a statement outlining an extension until March 30, 2021 of, and amendments to, a temporary COVID-19 measure originally issued by the FCA in March 2020. The FCA’s original measure provided certain flexibilities with respect to the requirement that firms providing portfolio management services, or holding retail client accounts that include leveraged investments, inform investors when the value of their portfolio or leveraged position falls by 10% or more compared with its value in their last periodic statement, and for each subsequent 10% fall in value.

FCA Confirms Next Stage of Support for Consumer Credit and Overdraft Customers

September 30, 2020

The Bank of England’s Financial Conduct Authority issued a press release in which it confirmed measures designed to ensure that firms provide tailored support to users of certain consumer credit and overdraft products, who continue to face COVID-19-related payment difficulties.