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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, September 24, 2020

September 24, 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

Federal Reserve Board

Vice Chair Quarles Delivers Speech on Optimism in the Time of COVID-19

September 23, 2020

Randal K. Quarles, Vice Chair for Supervision of the Federal Reserve, delivered via webcast a speech entitled “Optimism in the Time of Covid” at the 2020 Virtual D.C. Summit, hosted by the Institute of International Bankers in Washington, D.C. The speech addressed global and domestic economic issues, long-term monetary policy strategy as well as financial stability and regulatory matters.

Federal Reserve Bank of New York

Federal Reserve Bank of New York Publishes Blog Post on Market Failures, Official Sector Interventions

September 23, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post (Post) entitled “Market Failures and Official Sector Interventions.” In the Post, the authors argue that the official sector, including institutions such as the U.S. Congress and the U.S. Department of the Treasury, typically has minimal involvement in market activities absent a clear rationale to justify intervention, such as a market failure. The authors consider arguments for official sector intervention and discuss how it can increase social welfare by acting to minimize the fixed costs of business start-up and failure.

Federal Reserve Bank of Boston

Rosengren Delivers Forward-Looking Speech on the Economy

September 23, 2020

Eric Rosengren, President of the Federal Reserve Bank of Boston, delivered a speech entitled “The Economy’s Outlook, Challenges, and Way Forward” in a virtual presentation to the Boston Economic Club.

Office of the Comptroller of the Currency

OCC Reports Decline in Mortgage Performance

September 23, 2020

The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020.

The OCC Mortgage Metrics Report, Second Quarter 2020 showed 91.1% of mortgages included in the report were current and performing at the end of the quarter, compared to 96.1% a year earlier.

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