PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, September 2, 2020
September 02, 2020
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
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.
U.S. House of Representatives
Committee on Small Business
Chairwoman Velázquez Announces September Hearings
September 1, 2020
House Small Business Committee (Committee) Chairwoman Nydia M. Velázquez (D-NY) announced several remote Committee hearings for September.
Federal Agencies
Federal Reserve Board
Governor Brainard Gives Speech on Bringing the Statement on Longer-Run Goals and Monetary Policy Strategy into Alignment with Longer-Run Changes in the Economy
September 1, 2020
Governor Lael Brainard of the Board of Governors of the Federal Reserve System (Federal Reserve) delivered a speech at the Federal Reserve’s event “How the Fed Will Respond to the COVID-19 Recession in an Era of Low Rates and Low Inflation.” Governor Brainard discussed key longer-run changes in the economy, as well as changes in the statement on longer-run goals and strategy.
Federal Reserve Bank of New York
New York Fed Issues Revised FAQs and Documentation for the Term Asset-Backed Securities Loan Facility
September 1, 2020
The Federal Reserve Bank of New York updated its Frequently Asked Questions and Form of TALF-Specific Agreed-Upon Procedures Report for CLOs for the Term Asset-Backed Securities Loan Facility.
Federal Deposit Insurance Corporation
Agencies to Host Banker Webinar: Loan Forgiveness and Other Matters Relative to the Paycheck Protection Program
September 1, 2020
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the National Credit Union Administration, as well as the Conference of State Bank Supervisors, will host a webinar for bankers on September 3, 2020 from 3:00 p.m. to 4:00 p.m., Eastern, to discuss the loan forgiveness process and recent changes in the Paycheck Protection Program.
FINRA
FINRA Hosts Panel on COVID-19’s Impact on Arbitration - Practical Tips & What’s New in Arbitration Procedures
September 1, 2020
The Financial Industry Regulatory Authority hosted a panel on how COVID-19 challenges are impacting cases. Panelists offered tips and resources for conducting effective Zoom virtual arbitration hearings and shared the latest in arbitration procedures.
Department of Labor
U.S. Department of Labor Provides $100 Million to States to Combat Unemployment Insurance Fraud
September 1, 2020
The U.S. Department of Labor announced $100 million in funding to support state efforts to combat fraud and recover improper payments in the Unemployment Insurance program, including those programs created under the CARES Act.
International
European Banking Authority
EBA Publishes its 2019 Annual Report on Resolution Colleges
September 1, 2020
The European Banking Authority (EBA) published its Annual Report on resolution colleges for 2019. The Report sets out the EBA’s observations on the efficiency, effectiveness and consistency of the functioning of resolution colleges during 2019 and the progress achieved in key areas of resolution planning. It also highlights the main areas that the EBA will monitor in 2020, which primarily address responses to the effects of the COVID-19 pandemic. Resolution colleges continue to be an active forum for resolution authorities in the development of resolution plans for cross-border banking groups, where the intensity and quality of cooperation and dialogue has also improved.
Bank of England
Bank of England Releases Money and Credit Statistics for July 2020
September 1, 2020
The Bank of England released its Money and Credit statistics for July 2020. According to the report, UK households and businesses continued strongly increasing their sterling money holdings in July (£26.3 billion), an increase from June (£16.8 billion). Deposit interest rates remain at historically low levels. Household’s net borrowing was £3.9 billion in July, with increases in both mortgage borrowing and consumer credit.