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Daily Financial Regulation Update -- Wednesday, August 19, 2020

August 19, 2020

By FedACTion Task Force

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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 Releases August 2020 Business Leaders Survey

The Federal Reserve Bank of New York released its Business Leaders Survey (Survey) for the month of August 2020. According to the Survey, after steadying last month, activity in the region’s service sector declined significantly. The Survey’s headline business activity index fell fifteen points to -17.1. The Survey’s business climate index was little changed at -74.1, indicating that the vast majority of firms still viewed the business climate as worse than normal. Further, according to the Survey, employment levels continued to decline, though at a slower pace than in recent months, and wages edged slightly higher; input price increases picked up, while selling prices continued to decline slightly; and, capital spending fell for a fifth consecutive month. Looking ahead, firms turned pessimistic about the six-month outlook, and expected the business climate to be worse than normal in the months ahead.

New York Fed Publishes Blog Post Exploring Which Borrowers Benefit Most under CARES Act

August 18, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post (Post) entitled, “Debt Relief and the CARES Act: Which Borrowers Benefit the Most?”, in which the Post’s authors examined who could benefit most (and by how much) from the various debt relief provisions of the CARES Act.

Financial Crimes Enforcement Network

FinCEN Issues Spanish Language Version of Advisory on Imposter Scams and Money Mule Schemes

August 18, 2020

The Financial Crimes Enforcement Network (FinCEN) made available a Spanish language version of its Advisory on Imposter Scams and Money Mule Schemes Related to Coronavirus Disease 2019 (COVID-19), which was published on July 7, 2020. Translated versions of other FinCEN Covid-19 advisories will follow.

International

UK Financial Conduct Authority

FCA Releases Statement on Accounting for Lease Modifications due to COVID-19

August 18, 2020

The United Kingdom’s Financial Conduct Authority (FCA) released a statement (Statement) entitled, “Statement on Accounting for Lease Modifications (Amendment to IFRS 16)”. In the Statement, the FCA addressed the amendment to International Financial Reporting Standard 16, published by the International Accounting Standards Board in May 2020 following an accelerated due process.