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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, October 15, 2020

October 15, 2020

By FedACTion Task Force

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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

U.S. Department of the Treasury

Joint IMFC and Development Committee Statement by Secretary Steven T. Mnuchin

October 14, 2020

U.S. Department of the Treasury Secretary Steven T. Mnuchin released a joint International Monetary and Financial Committee and Development Committee statement focusing on the response and the continued role of the International Monetary Fund and the World Bank to the COVID-19 pandemic.

Federal Reserve Board

Remarks by Vice Chair for Supervision Randal K. Quarles at the Hoover Institution on Federal Reserve’s Response to COVID-19

October 14, 2020

Randal K. Quarles, Vice Chair for Supervision for the Board of Governors of the Federal Reserve System (Federal Reserve), gave remarks at the Hoover Institution about the economic situation, monetary policy and actions that the Federal Reserve has taken in 2020 to help ensure that the banking system remains a source of strength during the recovery from the COVID-19 pandemic.

Speech by Vice Chair Richard H. Clarida on U.S. Economic Outlook and Monetary Policy

October 14, 2020

Richard H. Clarida, Vice Chair for the Board of Governors of the Federal Reserve System (Federal Reserve), gave a speech at the 2020 Annual Membership Meeting of the Institute of International Finance titled “U.S. Economic Outlook and Monetary Policy” about the current economic situation and outlook, and the September 2020 Federal Open Market Committee changes to the Federal Reserve’s policy statement and the new monetary policy framework.

Federal Reserve Bank of Boston

Federal Reserve Bank of Boston Announces Webinar for Prospective Main Street Lending Program Borrowers

October 14, 2020

The Federal Reserve Bank of Boston announced a webinar for potential borrowers under the Main Street Lending Program to be held on October 21 at 2:00 p.m., Eastern.

Department of Housing and Urban Development

Opportunities Exist to Improve HUD’s Communication to Renters about Eviction Protections during COVID-19

October 13, 2020

As part of the Office of Inspector General’s (OIG) effort to provide oversight of the U.S. Department of Housing and Urban Development’s (HUD) relief efforts provided by the CARES Act, the OIG reviewed HUD’s communication to renters regarding the eviction moratorium found in Section 4024 of the CARES Act. The OIG found that HUD provided critical information to many renters through its website and published guidance. However, the OIG identified several aspects of HUD’s communication to renters on its website and published guidance that could be strengthened.

Federal Housing Administration

FHA Launches FHA Catalyst Electronic Multifamily Application Submission Capabilities to Support Lenders during COVID-19

October 14, 2020

The Federal Housing Administration (FHA) announced the availability of the first module on its FHA Catalyst technology platform for multifamily lenders doing business with the FHA. The FHA Catalyst: Multifamily Applications module will allow eligible multifamily lenders to electronically submit applications for FHA insurance on multifamily properties. The new capability supports lenders in providing FHA-insured mortgage financing while working remotely because of the COVID-19 pandemic.

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