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Daily Financial Regulation Update -- Tuesday, December 29, 2020

December 29, 2020

By FedACTion Task Force

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Major Developments

President Trump Signs COVID-19 Relief Extension

December 27, 2020

President Trump signed H.R. 133, the “Consolidated Appropriations Act, 2021” into law.

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.

Federal Agencies

Federal Reserve Bank of New York

New York Fed Releases SCE Labor Market Survey: November 2020

December 28, 2020

The Federal Reserve Bank of New York released findings from the November 2020 Survey of Consumer Expectations. Among respondents who were employed four months previously, 95.3% were still employed in November, compared to 88.9% in July 2020 and 96.7% in November 2019. Among those who were employed four months ago, transitions out of the labor force also increased, rising from 0.7% in July to 4.0% in November.

Federal Deposit Insurance Corporation

FDIC Issues Letter Regarding its Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions

December 28, 2020

The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter to provide information on how it intends to exercise its authority under the interim final rule (IFR) which provides temporary relief from the Part 363 audit and reporting requirements for insured depository institutions (IDIs) experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects. The IFR reserves to the FDIC the authority to require an IDI to comply with one or more Part 363 requirements if the FDIC determines that asset growth was related to merger or acquisition transactions.  

Financial Stability Oversight Council

Council Issues Approved December 3, 2020 Meeting Minutes

December 24, 2020

The Financial Stability Oversight Council issued the minutes of its December 3, 2020 meeting.

Financial Crimes Enforcement Network

FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks

December 28, 2020

The Financial Crimes Enforcement Network issued a Notice to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution. The Notice also provides specific instructions for filing Suspicious Activity Reports regarding such suspicious activity related to COVID-19 vaccines and their distribution.

U.S. Small Business Administration

SBA Issues Report on Change in Small Business Loans Outstanding During the COVID-19 Pandemic

December 28, 2020

The Office of Advocacy of the U.S. Small Business Administration issued a report examining lending activity under the Paycheck Protection Program and Economic Injury Disaster Loan programs. The report finds that lenders with assets between $1 billion and $10 billion distributed 62% more funding than expected, while lenders with assets over $50 billion, the largest category, distributed 31% less funding than expected.