PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, October 20, 2020
October 20, 2020
FedACTion Task Force
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PH Client Alerts
Click here to read more from our Coronavirus series.
Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view a running list of proposed legislation 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
Vice Chair Clarida Delivers Speech on U.S. Economic Outlook, Monetary Policy, and Initiatives to Sustain the Flow of Credit to Households and Firms
October 19, 2020
Vice Chair Richard H. Clarida of the Board of Governors of the Federal Reserve System (Federal Reserve) delivered a speech at the Unconventional Convention of the American Bankers Association. In his remarks, Vice Chair Clarida noted that it will take some time to return to the levels of economic activity and employment that prevailed at the business cycle peak in February and confirmed that the Federal Reserve is committed to using its full range of tools to support the economy.
Federal Reserve Bank of New York
New York Fed Selects Additional Firms To Broaden its Counterparty Base for Agency CMBS and CPFF
October 19, 2020
The Federal Reserve Bank of New York announced the selection of additional counterparties to support agency commercial mortgage backed securities (agency CMBS) purchases and the Commercial Paper Funding Facility.
Federal Reserve Bank of Boston
Boston Fed Research Finds Future of Child Care Sector Uncertain
October 19, 2020
Beth Mattingly, Assistant Vice President (Community Development Research & Communications) of the Federal Reserve Bank of Boston, partnered with Dr. Jess Carson of the Carsey School of Public Policy at the University of New Hampshire to analyze the pandemic’s impact on the child care sector. Mattingly and Carson found four major concerns ahead for providers and parents:
(1) uneven access to government assistance and loans;
(2) worsening staff shortages;
(3) accrued costs pushing center-based programs to the brink; and
(4) continuing and potentially fatal pressures on centers that survived.
Federal Housing Finance Agency
FHFA Further Extends COVID-Related Loan Flexibilities
October 19, 2020
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until November 30, 2020. The flexibilities were set to expire on October 31, 2020.
Calabria Delivers Remarks at Mortgage Bankers Association - 2020 Convention and Expo
October 19, 2020
Dr. Mark A. Calabria, Director of the Federal Housing Finance Agency (FHFA), announced that the FHFA is releasing a new rule that will ensure stakeholders and the public always have a formal opportunity to provide feedback when Fannie Mae and Freddie Mac consider new products or lines of business.
International
Bank of England
Bank of England Explains how High-Frequency Data Helps in Predicting COVID-19's Impact on GDP
October 19, 2020
As part of its Bank Overground web series, the Bank of England shared how High-frequency measures of formal restrictions and household mobility can help assess COVID-19’s impact on GDP.