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Daily Financial Regulation Update -- Friday, January 15, 2020

January 15, 2021

By FedACTion Task Force

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Click here to read more from our Coronavirus series.

Major Developments

SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19

January 13, 2021

The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for first and second draw applications on January 15, 2021 at 9 a.m. Eastern. The portal will fully open on January 19, 2021 to all participating PPP lenders to submit first and second draw loan applications to the SBA.

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 the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 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.

Federal Agencies

Federal Reserve Bank of New York

Speech: The Economic Health of the Region

January 14, 2021

Beverly Hirtle, Executive Vice President and Director of Research at the Federal Reserve Bank of New York, gave a speech titled “The Economic Health of the Region.” Ms. Hirtle’s remarks focus on the economic health of the Greater New York region during the COVID-19 pandemic.

Federal Housing Finance Agency

FHFA Further Extends COVID-Related Loan Flexibilities

January 14, 2021

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until February 28, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on January 31, 2021.

U.S. Department of Labor

Labor Department Issues Release on Unemployment Insurance Weekly Claims

January 14, 2021

The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending January 9, the advance figure for seasonally adjusted initial claims was 965,000, an increase of 181,000 from the previous week’s revised level; the previous week’s level was revised down by 3,000 from 787,000 to 784,000; the four-week moving average was 834,250, an increase of 18,250 from the previous week’s revised average; and the previous week’s average was revised down by 2,750 from 818,750 to 816,000.