PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update - Wednesday, May 27, 2020
May 27, 2020
FedACTion Task Force
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Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, 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 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.
U.S. House of Representatives
Committee on Financial Services
Committee Holds Bipartisan Virtual Roundtable on Impact of COVID-19 on Capital Markets
May 26, 2020
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee (Committee), announced that Congressman Brad Sherman (D-CA), Chairman of the Subcommittee on Investor Protection, Entrepeneurship, and Capital Markets (Subcommittee), and Congressman Bill Huizinga (R-MI), Ranking Member of the Subcommittee, held a virtual roundtable entitled, “Examining the Impacts of the COVID-19 Pandemic on U.S. Capital Markets.” A video recording of the roundtable will be made available on the Committee’s Majority and Minority websites after the roundtable’s conclusion.
Federal Agencies
Federal Reserve Board
Board Releases Discount Rate Meeting Minutes
May 25, 2020
The Board of Governors of the Federal Reserve System released the minutes of its discount rate meeting held on April 29, 2020.
Federal Reserve Bank of New York
Federal Reserve Bank of New York Releases Updated Frequently Asked Questions for CPFF, PMCCF, SMCCF, and TALF
May 26, 2020
The Federal Reserve Bank of New York (FRBNY) released updated FAQs for the Commercial Paper Funding Facility (CPFF), the Primary Market and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). The updates include clarification about the nationally-recognized statistical rating organizations from which the facilities will accept ratings. The FRBNY also posted an updated Form of Issuer and Sponsor Certification as to TALF Eligibility for ABS.
New York Fed Publishes Blog Post on the Primary and Secondary Market Corporate Credit Facilities
May 26, 2020
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “The Primary and Secondary Market Corporate Credit Facilities ” which discusses the dislocations in the corporate bond markets that motivated the creation of the Primary Market and Secondary Market Corporate Credit Facilities.
Center for Microeconomic Data Releases Findings from SCE Public Policy Survey
May 26, 2020
The Federal Reserve Bank of New York Center for Microeconomic Data released findings from its April 2020 Survey of Consumer Expectations Public Policy Survey.
New York Fed Publishes Blog Post on the Findings from SCE Public Policy Survey
May 26, 2020
The Federal Reserve Bank of New York (FRBNY) published a Liberty Street Economics blog post entitled “Consumers Increasingly Expect Additional Government Support amid COVID-19 Pandemic” which discusses the findings from the FRBNY’s April 2020 Survey of Consumer Expectations Public Policy Survey.
Office of the Comptroller of the Currency
OCC Issues Interim Final Rule on Director, Shareholder, and Member Meetings for FSAs and National Banks
May 26, 2020
The Office of the Comptroller of the Currency (OCC) issued an interim final rule amending its regulations to clarify that national banks and federal savings associations (FSAs) may permit telephonic and electronic participation at all board of directors, shareholder and member meetings. According to the OCC, the interim final rule will allow national banks and FSAs to conduct necessary meetings remotely during the COVID-19 pandemic as well as during any other future emergency when in-person meetings may not be feasible. The interim final rule is effective on May 28, 2020. Comments on the interim final rule must be received no later than July 13, 2020.
Fannie Mae
Fannie Mae Launches "Here to Help"
May 26, 2020
Fannie Mae launched “Here to Help,” an online education effort designed to assist homeowners and renters navigate available options in response to financial hardships caused by COVID-19. The new online portal is available at KnowYourOptions.com.
Freddie Mac
Freddie Mac Announces Online Resources Designed to Help Consumers
May 26, 2020
Freddie Mac announced several online resources intended to assist homeowners and renters navigate the relief and support the agency has made available in response to COVID-19.
Ginnie Mae
Ginnie Mae Releases May 2020 GMAR
May 26, 2020
Ginnie Mae released its Global Market Analysis Report (GMAR) for May 2020. Highlights of the new GMAR include, among others, findings that in the first quarter of 2020, first lien originations totaled $670 billion, up from $355 billion in the first quarter of 2019.