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Daily Financial Regulation Update -- Thursday, December 24, 2020

December 24, 2020

By FedACTion Task Force

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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 the full text of the Consolidated Appropriations Act, 2021, Passed Congress December 21, 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

U.S. House Committee on Financial Services

Congresswoman Waters and Senator Brown to Secretary Mnuchin: Listen to Stakeholders and Halt Any Significant Changes to the Housing Finance System

December 23, 2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Treasury Secretary Mnuchin, urging him to halt any significant changes to the U.S. housing finance system during the current COVID-19 pandemic. The letter also requests that Mr. Mnuchin brief the Chairwoman and Ranking Member on any actions that the U.S. Department of the Treasury might take in the next month that will affect the housing finance system and housing opportunities for families across the country.

Federal Agencies

Federal Reserve Bank of New York

Understanding the Impact of COVID-19: The Top 5 Liberty Street Economics Posts of 2020

December 23, 2020

The Federal Reserve Bank of New York’s (New York Fed) Liberty Street Economics blog presented its “Top 5” posts of the year; expectedly, given the events of 2020, New York Fed economists focused their analyses on the effects of the COVID-19 pandemic.

Federal Housing Finance Agency

FHFA Extends COVID-19 Multifamily Forbearance through March 31, 2021

December 23, 2020

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through March 31, 2021. The Enterprise programs were set to expire December 31, 2020.

FHFA House Price Index Up 1.5% October; Up 10.2% from Last Year

December 23, 2020

According to a release issued by the Federal Housing Finance Agency, home prices rose nationwide in October, up 1.5% from the previous month. Home prices rose 10.2% from October 2019 to October 2020. The previously reported 1.7% price change for September 2020 remained unchanged.

U.S. Department of Labor

Labor Department Issues Release on Unemployment Insurance Weekly Claims

December 23, 2020

The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending December 19, the advance figure for seasonally adjusted initial claims was 803,000, a decrease of 89,000 from the previous week’s revised level; the previous week’s level was revised up by 7,000 from 885,000 to 892,000; the four-week moving average was 818,250, an increase of 4,000 from the previous week’s revised average; and the previous week’s average was revised up by 1,750 from 812,500 to 814,250.