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Daily Financial Regulation Update -- Wednesday, October 7, 2020

October 07, 2020

By FedACTion Task Force

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Major Developments

U.S. Small Business Administration

SBA Issues Guidance on PPP Loans and Changes of Ownership

October 2, 2020

The U.S. Small Business Administration released a procedural notice on the required procedures for changes of ownership of an entity that received Paycheck Protection Program funds.

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.

U.S. House of Representatives

Committee on Financial Services

Committee Democrats’ Legislation Included in Updated House COVID-19 Package

October 5, 2020

During floor debate on the updated Heroes Act, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services (the Committee), discussed changes in the updated bill that would support low- and moderate-income communities, small businesses and developing countries. In particular, the updated bill provides $15 billion in capital and other assistance for Community Development Financial Institutions and Minority Deposit Institutions, includes another round of stimulus payments for small businesses and provides $2 trillion through the International Monetary Fund to support developing countries.

Federal Agencies

Federal Reserve Board

Federal Reserve begins 2020 Census of Finance Companies and Other Lenders

October 6, 2020

The Board of Governors of the Federal Reserve System (Federal Reserve) announced that it will begin the 2020 Census of Finance Companies and Other Lenders. The data collected provide a benchmark for the Federal Reserve’s monthly report on the outstanding accounts receivable of finance companies and provide a comprehensive update on these companies’ sources of funds.

Powell Delivers Speech on Recent Economic Developments and the Challenges Ahead

October 6, 2020

Chair Jerome H. Powell of the Board of Governors of the Federal Reserve System delivered a speech at the National Association for Business Economics Virtual Annual Meeting.

Federal Reserve Bank of New York

New York Fed Announces “Culture and Communities” Event on the Creative Economy, Community Development and Impact Investing

October 6, 2020

The Federal Reserve Bank of New York, in conjunction with Upstart Co-Lab, will

an event highlighting New York City’s creative economy and the role cultural and financial institutions can play in New York City’s recovery from COVID-19.

New York Fed Announces Notice of Interest Deadline for Municipal Liquidity Facility

October 6, 2020

The Federal Reserve Bank of New York announced a deadline for submitting a Notice of Interest (NOI) to the Municipal Liquidity Facility (MLF). Any eligible issuer that wishes to issue eligible notes to the MLF must submit an NOI no later than 30 calendar days before the MLF’s stated termination date of December 31, 2020, unless extended by the Board of Governors of the Federal Reserve System and the U.S. Department of the Treasury.

Conference of State Bank Supervisors

CSBS Survey Finds Community Bank Optimism on Local Economic Health Ticks Up Slightly but Concerns Remain

October 6, 2020

The Conference of State Bank Supervisors released the third quarter results of its Community Bank Sentiment Index.

International

Bank of England

Nick Strange of the Bank of England Delivers Speech on Resilience in a Time of Uncertainty

October 6, 2020

Nick Strange, Director of the Supervisory Risk Specialists of the Bank of England (Bank) delivered a speech on the policies the Bank uses to support the operational resilience of financial firms and financial market infrastructures in the UK.

Bank of England Prudential Regulation Authority

PRA Releases Consultation Paper on Calculation of Risks Not In Value at Risk and Stressed Value at Risk

October 6, 2020

The Bank of England Prudential Regulation Authority (PRA) released Consultation Paper (CP) CP15/20setting forth the PRA’s proposals to update its expectations regarding (i) the measurement of risks not in value at risk and (ii) the meaning of ‘period of significant financial stress relevant to the institution’s portfolio’ for stressed value at risk calculation.