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Daily Financial Regulation Update -- Thursday, October 8, 2020

October 08, 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

Treasury Deputy Secretary Muzinich Delivers Remarks on COVID-19 at Atlantic Council Geoeconomics Center

October 7, 2020

Justin Muzinich, Deputy Secretary of the U.S. Department of the Treasury, delivered remarks at the Atlantic Council’s Center for Geoeconomics, focusing on the United States’ and Europe’s responses to the COVID-19 pandemic, and several transatlantic policy areas in which Muzinich deemed cooperation essential, specifically investment security, cryptocurrency, sanctions and economic growth.

Federal Reserve Board

Federal Open Market Committee Meeting Minutes Released, Addressing Impact of COVID-19

October 7, 2020

The Board of Governors of the Federal Reserve System and the Federal Open Market Committee (FOMC) released the minutes of FOMC meeting held on September 15–16, 2020.

Federal Reserve Board Issues August 2020 Consumer Credit Report Showing Impact of COVID-19

October 7, 2020

The Board of Governors of the Federal Reserve System issued its Consumer Credit Report for August 2020 highlighting the impacts of the ongoing COVID-19 pandemic on consumer credit.

Federal Reserve Board Deputy Director Kiley Authors Paper on COVID-19 Recovery

October 7, 2020

Michael T. Kiley, Deputy Director of the Division of Financial Stability of the Board of Governors of the Federal Reserve System, authored a paper titled “Pandemic Recession Dynamics: The Role of Monetary Policy in Shifting a U-Shaped Recession to a V-Shaped Rebound”. In his paper, Deputy Director Kiley focused on the degree to which constraints on monetary policy may amplify the COVID-19 recession, and, the degree to which economic dynamics imply persistent declines in living standards following even purely transitory direct effects of the COVID-19 pandemic, and the degree to which monetary policy may mitigate these effects by stimulating investment to maintain productive capacity.

Federal Reserve Bank of New York

Federal Reserve Bank of New York President and CEO Williams Delivers Speech on New FOMC Framework

October 7, 2020

John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, delivered a speech entitled “The Longer-Run Framework: A Look Ahead,” at the Hoover Institution Monetary Policy Virtual Series. In his speech, President and CEO Williams discussed the Federal Open Market Committee’s new monetary policy framework, in the context of the economic recovery from the COVID-19 pandemic.

Federal Reserve Bank of New York Publishes Blog Post Examining Perceptions of COVID-19

October 7, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post (Post) entitled “Are People Overconfident about Avoiding COVID-19?” In the Post, the authors show that people view their personal risk of exposure to COVID-19 as significantly lower than the public’s risk of exposure, a gap the authors refer to as overconfidence.

International

Bank of England Prudential Regulation Authority

PRA’s Credit Union Supervision Team Sends Letter to Directors of PRA-Regulated Credit Unions Concerning Regulatory Reporting Challenges Posed by COVID-19

October 7, 2020

The Bank of England’s Prudential Regulation Authority’s (PRA) Credit Union Supervision Team sent a letter to PRA-regulated credit unions reiterating messages on engagement with the PRA and regulatory reporting and confirming the PRA’s supervisory focus and priorities for credit unions in the current period.