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Daily Financial Regulation Update -- Tuesday, July 14, 2020

July 14, 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 Bank of New York

FRBNY Publishes Blog Post on Delaying College during COVID-19

July 13, 2020

The Federal Reserve Bank of New York (FRBNY) published a Liberty Street Economics blog post (Blog Post) entitled “Delaying College during the Pandemic Can be Costly,” which provides an economic perspective on attending college during the COVID-19 pandemic. In the Blog Post, the authors, Jaison R. Abel and Richard Deitz, find that the economic rate of return to college actually increases, largely because the opportunity cost of attending school has declined; and, that there are sizeable hidden costs to delaying college that erode the value of a college degree, even in the current economic environment.

FRBNY’s Center for Microeconomic Data Releases June 2020 SCE

July 13, 2020

The Federal Reserve Bank of New York’s (FRBNY) Center for Microeconomic Data released the June 2020 Survey of Consumer Expectations (SCE), which continues to show gradual declines in pessimism about household financial conditions. According to the SCE, while consumers overall remain less optimistic than they were pre-COVID-19 about earnings growth, income growth and job finding expectations, several indicators showed improvements in June, including home price growth expectations; the average probability of missing a future minimum debt payment; median inflation expectations, which decreased at both the one-year and three-year horizons; and, uncertainty and disagreement about future inflation, which also declined.