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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, November 17, 2020

November 17, 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

Federal Reserve Board Publishes Paper on Principal Trading Firms and Dealers

November 16, 2020

The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs published a paper (Paper) titled “Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers”, as part of the Finance and Economics Discussion Series. The Paper’s authors explore the following question: does the trading activity of registered dealers on Treasury interdealer broker platforms differ from that of principal trading firms (PTF), and if so, how and to what effect on market liquidity?

Federal Reserve Bank of New York

FRBNY Releases Monthly U.S. Economy Snapshot

November 16, 2020

The Federal Reserve Bank of New York released its U.S. Economy in a Snapshot presentation (Snapshot) for November 2020. The findings of the latest Snapshot include that real expenditures on nondurable goods and especially on durable goods increased robustly, while real spending on services rose moderately; services expenditures remained well below their February level; and consumer confidence measures were mixed in October.

FRBNY’s EVP Stiroh Delivers Speech on COVID-19’s Impact on Cultural Capital

November 16, 2020

Kevin Stiroh, Executive Vice President of the Federal Reserve Bank of New York, delivered via videoconference a speech entitled “The Impact of the Pandemic on Cultural Capital in the Finance Industry,” at the Risk USA Conference, hosted by Risk.net. Mr. Stiroh’s remarks focused on the importance of a firm’s culture in determining business outcomes, and how that culture may be impacted by the COVID-19 pandemic.

FRBNY Releases Monthly Empire State Manufacturing Survey Results

November 16, 2020

The Federal Reserve Bank of New York released results of the November 2020 Empire State Manufacturing Survey (Survey), reflecting survey responses collected between November 2 and November 9, 2020. According to the Survey results, the headline general business conditions index fell four points to 6.3, pointing to a slower pace of growth than in October; there was a small increase in new orders, and shipments were modestly higher; inventories moved lower, and delivery times were steady; employment levels and hours worked both rose; and, input prices increased at about the same pace as in the prior month, while selling price increases picked up. Looking ahead, firms remained optimistic that conditions would improve over the next six months despite the COVID-19 pandemic.

FRBNY Publishes Blog Post on COVID-19’s Effect on Banking System Vulnerability

November 16, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post (Post) entitled “How Has COVID-19 Affected Banking System Vulnerability?” In the Post, the authors provide an update of four analytical models that aim to capture different aspects of banking system vulnerability. These four models monitor vulnerabilities of U.S. banking firms, and the way in which these vulnerabilities interact to amplify negative shocks.

National Credit Union Association

NCUA to Host Webinar on its COVID-19 Response

November 16, 2020

The National Credit Union Administration (NCUA) will host a webinar to discuss its response to the COVID-19 pandemic on Thursday, December 3 at 1 p.m. Eastern. During the webinar, NCUA staff will also discuss recently issued guidance and regulations, as well as other agency initiatives.

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