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

September 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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Crapo, Brown Deliver Statements at Hearing on Federal Reserve Emergency 13(3) Lending Facilities

September 9, 2020

U.S. Senators Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs (Committee), and Sherrod Brown (D-OH), Ranking Member of the Committee, both delivered statements at a virtual hearing on the status of the Federal Reserve System’s emergency Section 13(3) lending facilities.

Federal Agencies

Federal Reserve Bank of New York

New York Fed Announces Additional Counterparties for CPFF, SMCCF to Facilitate Diversity and Inclusion

September 9, 2020

The Federal Reserve Bank of New York announced the first wave of additional counterparties it has selected to support the Commercial Paper Funding Facility and Secondary Market Corporate Credit Facility. The additional firms represent a diverse range of market participants in terms of size, business models, and ownership, including Minority, Women and Veteran Business Enterprises. The Federal Reserve is accepting applications for additional firms as counterparties for the CPFF, SMCCF and Term Asset-Backed Securities Loan Facility.

Department of Housing and Urban Development/Federal Housing Administration

HUD Issues Notice Detailing Requirements, Flexibilities for Emergency Solutions Grants Program

September 9, 2020

The United States Department of Housing and Urban Development issued a notice setting forth requirements and flexibilities for the $3.96 billion in Emergency Solutions Grants (ESG) Program funds (ESG-CV Funds) provided to state and local governments under the CARES Act. The flexibilities detailed in the notice include new eligible activities for ESG-CV Funds, including new types of temporary emergency shelters and landlord incentives; and, discretion beyond what is permitted in the ESG regulations for ESG-CV Funds and annual ESG allocations, including payments for hotel costs for individuals currently being assisted by ESG or Continuum of Care programs, as necessary to quarantine or isolate.

International

Bank of England

FPC Member Stheeman Delivers Speech on Risks to UK Financial System

September 9, 2020

Elisabeth Stheeman, external member of the Bank of England’s Financial Policy Committee (FPC), delivered a speech entitled “The Financial ‘Plumbing’ Committee: from Plumbing to Policy,” at a virtual event hosted by the Institute of Directors and Burness Paull. In her speech, Ms. Stheeman examined several of the possible risks to the UK’s financial system, ranging from cyberattacks to innovation in payments, and the FPC’s approach to addressing these risks.