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Daily Financial Regulation Update - Tuesday, April 21, 2020

April 21, 2020

By FedACTion Task Force

PH Client Alerts

to read more from our Coronavirus series.

Congress

to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, Enacted March 27, 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 Bank of New York

New York Fed to Host Virtual Forum on COVID-19’s Impact on Low-Income Communities and Building Economic Resiliency

April 20, 2020

On Thursday, April 23, the Federal Reserve Bank of New York will host a virtual forum on the effects of the COVID-19 pandemic on low- and moderate-income communities and how nonprofits, community stakeholders and capital providers can support the recovery. The event, titled “The Fed and Main Street during the Coronavirus Pandemic,” will convene a range of influential voices to discuss the disparate impact of the current health crisis along socio-economic and racial lines, as well the imminent needs faced by underserved communities. Additionally, it will discuss how the Federal Reserve has responded to the crisis thus far, and explore the role that community development financial institutions and other capital providers can play in fostering economic resiliency.

Office of the Comptroller of the Currency

Summary of Federal Reserve Lending Programs

April 20, 2020

The Office of the Comptroller of the Currency (OCC) is providing a summary about facilities and programs established or expanded by the Board of Governors of the Federal Reserve System.

Commodity Futures Trading Commission

CFTC Agricultural Advisory Committee to Meet via Teleconference April 22

April 20, 2020

The Agricultural Advisory Committee will hold a public meeting on April 22, 2020 at 3:00 p.m., Eastern time, via teleconference. U.S. Secretary of Agriculture Sonny Perdue will address the meeting, which will focus primarily on the COVID-19 pandemic and its impact on agricultural commodity markets. A direct link to the live webcast will be available on the

the day of the meeting. To listen to the live audio feed, call the toll or toll-free numbers below. Call-in participants should be prepared to provide their first name, last name, and affiliation, if applicable.

Domestic Toll-Free:

877-951-7311

International Toll Numbers:

Conference Passcode:

7735617

Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Advisory Committees to Meet on May 1, 2020

April 20, 2020

The Consumer Financial Protection Bureau announced that the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and the Academic Research Council will meet jointly on May 1, 2020 at 2:00 p.m., Eastern time, via conference call. The call will be open to the public. The meeting will focus on the COVID-19 pandemic, including a snapshot of consumer complaints arising as a result of the pandemic, and the impact of the pandemic on consumers, including service members, students, older Americans, and the underserved. Members of the public interested in listening to the meeting must RSVP by noon, April 30, 2020, via the link below.

Department of Housing and Urban Development/Federal Housing Administration

HUD AWARDS $1.5 MILLION IN FUNDING TO SUPPORT COVID-19 RELATED FAIR HOUSING ACTIVITIES

April 20, 2020

The U.S. Department of Housing and Urban Development (HUD) announced it is awarding $1.5 million in Partnership and Special Enforcement Effort funds to HUD Fair Housing Assistance Program (FHAP) agencies to support COVID-19 education activities. Partnership funds allow FHAP agencies to utilize the services of individuals and/or public, private, for-profit, or not-for-profit organizations that have expertise in enforcing federal, state, and local fair housing laws. Similarly, Special Enforcement Effort funds enhance the fair housing enforcement activities of FHAP agencies.

Department of Labor

U.S. DEPARTMENT OF LABOR ENDS TEMPORARY NON-ENFORCEMENT OF PAID LEAVE PROTECTIONS DURING CORONAVIRUS PANDEMIC

April 20, 2020

The U.S. Department of Labor (DOL) announced the end of the temporary period of non-enforcement of paid leave protections under the Families First Coronavirus Response Act (FFCRA). The non-enforcement period allowed DOL’s Wage and Hour Division to offer extensive guidance and education about the law’s requirements, which aided American workers and enabled employers covered by the FFCRA to come into compliance in the wake of the law’s passage.

Department of the Treasury

Action Needed for Social Security Recipients with Dependents Who Do Not File Tax Returns to Receive $500 Per Child Payment

April 20, 2020

The U.S. Department of the Treasury and Internal Revenue Service (IRS) urge social security, railroad retirement and veterans benefit recipients who have qualifying children and did not file a 2018 or 2019 tax return to go to the IRS Non-Filer tool by Wednesday, April 22, 2020 and enter basic information to receive the $500 per eligible child added to their automatic $1,200 Economic Impact Payment.


Bank of England Prudential Regulatory Authority

PRA Publishes Q&A on the usability of liquidity and capital buffers during COVID-19

April 20, 2020

The Prudential Regulation Authority (PRA) published a document to answer some frequently asked questions on the usability of liquidity and capital buffers and their operation as set out in PRA rules and guidelines. The document is relevant to all firms to which the Capital Requirements Directive IV applies. The document will be updated as the COVID-19 crisis evolves.

UK Financial Conduct Authority

FCA expectations for wet-ink signatures in light of COVID-19 restrictions

April 20, 2020

The Financial Conduct Authority (FCA) has released guidance that notes that its rules do not explicitly require wet-ink signatures in agreements, nor do they prevent firms from using electronic signatures in agreements. The validity of electronic signatures is a matter of law and firms should consider the validity of such signatures under current law. Firms must also consider any related requirements set out in the FCA’s 

 and general rules.