PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, November 25, 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.

International

European Commission

Team Europe Steps up Delivery to its COVID-19 Recovery Package up to €38.5 Billion for Partner Countries

November 24, 2020

The European Commission released a press release indicating that half of Team Europe’s global recovery package to help address the COVID-19 pandemic, which has increased to €38.5 billion, has already been disbursed. The package, combining resources from the European Union, its Member States, the European Investment Bank and the European Bank for Reconstruction and Development, is supporting emergency needs linked to the pandemic, crucial health services, economic recovery and social support measures.

• News Release

Bank of England

Cash in the Time of COVID

November 24, 2020

The Bank of England (BoE) released a bulletin titled “Cash in the Time of COVID.” The authors note that, during the COVID-19 pandemic, the way people use cash has changed, with less being used for transactions. That is partly because consumer spending as a whole has fallen, but may also reflect concerns about the risk of banknotes transmitting the virus. BoE commissioned research to understand how the virus behaves on banknotes, and its analysis indicates that the risk of transmission via banknotes is low.

• Quarterly Bulletin 2020 Q4