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Daily Financial Regulation Update -- Tuesday, December 8, 2020

December 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

Securities and Exchange Commission

SEC Chief Accountant Speech addressing OCA’s Focus on High-Quality Financial Reporting during an Unusual Year and a Discussion of our Upcoming Priorities

December 7, 2020

Sagar Teotia, Chief Accountant from the Securities and Exchange Commission’s Office of the Chief Accountant (OCA), delivered a speech titled “Statement on OCA’s Focus on High-Quality Financial Reporting during an Unusual Year and a Discussion of our Upcoming Priorities,” discussing the OCA’s efforts during the past year to work with stakeholders in addressing the impacts of COVID-19 and other emerging issues.

Ginnie Mae

Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement

December 7, 2020

Ginnie Mae issued All Participant Memorandum (APM) 20-17 titled “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement.” Due to the continuing impact of the COVID-19 pandemic on forbearance levels and delinquency rates, Ginnie Mae has extended the exemptions that were announced in APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19,” from December 31, 2020 through July 31, 2021 (June 2021 investor reporting).

International

Bank of England Prudential Regulation Authority

PRA Decision on Systemic Risk Buffer Rates

December 7, 2020

The Bank of England Prudential Regulation Authority released a statement of its decision to maintain firms’ Systemic Risk Buffer rates at the rate set in December 2019, until December 2022, with no rate changes taking effect until January 2024. The decision was made in response to the ongoing economic shock from COVID-19.