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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, October 13, 2020

October 13, 2020

By FedACTion Task Force

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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

Weathering the Storm: Who Can Access Credit in a Pandemic?

October 13, 2020

The Federal Reserve Bank of New York’s (New York Fed) Liberty Street Economics blog issued a post titled “Weathering the Storm: Who Can Access Credit in a Pandemic?” According to the post, credit enables firms to weather temporary disruptions in their business that may impair their cash flow and limit their ability to meet commitments to suppliers and employees. The onset of the COVID recession sparked a massive increase in bank credit, largely driven by firms drawing on pre-committed credit lines. In the post, based on a recent Staff Report released by the New York Fed, the authors investigate which firms were able to tap into bank credit to help sustain their business over the ensuing downturn.


European Commission

Coronavirus Dashboard: EU Cohesion Policy Response to the Coronavirus Crisis

October 12, 2020

The European Commission (EU) issued a release on the EU Cohesion Policy response to the COVID-19 crisis. It announced the first provisional results of the implementation of the Coronavirus Response Investment Initiative and Coronavirus Response Investment Initiative Plus. In total: €4.1 billion has been reallocated towards healthcare to purchase vital machinery and personal protective equipment; €8.4 billion has been mobilized through issuing grants, loans and a series of personalized financial instruments to support the economy and, in particular, Small and Medium enterprises to adapt to the crisis; and approximately €1.4 billion has been channeled through the European Social Fund to support individuals and families and save jobs.

Bank of England

Bank of England Analysis: How will Spare Capacity in the Economy Affect Inflation?

October 12, 2020

The Bank of England has shared a post summarizing its internal analysis on how spare capacity in the economy will affect inflation. According to the post, the UK economy is likely to have spare capacity as a result of the COVID-19 pandemic. A number of factors will influence how that spare capacity affects inflation, including the frequency of price changes across different sectors.

UK Financial Conduct Authority

FCA Regulation of Consumer Credit – During the Pandemic and Beyond

October 13, 2020

Nisha Arora, Director of Consumer and Retail Policy at the Financial Conduct Authority (FCA), delivered a speech at the Finance & Leasing Association Annual Regulation Conference titled “FCA Regulation of Consumer Credit – During the Pandemic and Beyond.” Ms. Arora shared her reflections on (i) why credit markets have been and remain a priority for the FCA; (ii) what outcomes the FCA considers to be critical to well-functioning credit markets; and (iii) how the FCA’s work in past years and recent months has reflected this priority, and will continue to do so going forward.

Market Abuse in a Time of Coronavirus

October 12, 2020

Julia Hoggett, Director, Market Oversight at the Financial Conduct Authority (FCA) delivered a speech at the City Financial Global event titled “Market Abuse in a Time of Coronavirus.” Ms. Hoggett’s speech focused on risks created by operating during the time COVID-19, the FCA’s expectation of firms and the critical role that all parts of market infrastructure have in keeping markets clean, including the role of technology and data.

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