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Daily Financial Regulation Update -- Tuesday, November 3, 2020

November 03, 2020

By FedACTion Task Force

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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”), 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

New York Fed Issues Revised FAQs for the Term Asset-Backed Securities Loan Facility

November 2, 2020

The Federal Reserve Bank of New York (New York Fed) has updated its Frequently Asked Questions (FAQs) for the Term Asset-Backed Securities Loan Facility (TALF).

Securities and Exchange Commission

SEC Division of Enforcement Publishes Annual Report for Fiscal Year 2020

November 2, 2020

The Securities and Exchange Commission’s Division of Enforcement (Division) issued its annual report for fiscal year 2020. The report details the Division’s COVID-19-related enforcement efforts.

International

UK Financial Conduct Authority

FCA to Announce Further Support for Mortgage Borrowers Impacted by Coronavirus

October 31, 2020

The Financial Conduct Authority (FCA) announced that it will propose updates to its guidance to support mortgages borrowers following the government’s announcement of further measures to control the spread of the coronavirus. The FCA will propose that mortgage borrowers who have not yet had a payment deferral be able to request one, which could last for up to six (6) months. Additionally, borrowers who already have a payment deferral for a period of less than six (6) months would be able to extend that deferral. Customers would be able to have a payment deferral for a maximum of six (6) months.