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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Friday, August 28, 2020

August 28, 2020

By FedACTion Task Force

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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.

Federal Agencies

Federal Reserve Bank of New York

Tracking the Spread of COVID-19 in the Region

August 27, 2020

The Federal Reserve Bank of New York’s (New York Fed) Liberty Street Economics blog noted that the New York Fed unveiled a set of charts that track COVID-19 cases in the Federal Reserve’s Second District, which includes New York, Northern New Jersey, Fairfield County, Connecticut, Puerto Rico, and the U.S. Virgin Islands. The charts are updated daily and are available on the New York Fed’s Regional Economy webpage.

Consumer Financial Protection Bureau

New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments

August 27, 2020

The Consumer Financial Protection Bureau released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs).

Department of Housing and Urban Development/Federal Housing Administration

FHA Extends Foreclosure and Eviction Moratorium for Homeowners through Year End

August 27, 2020

The Federal Housing Administration (FHA) announced the third extension of its 

 through December 31, 2020, for homeowners with FHA-insured single family mortgages covered under the CARES Act. The extension provides an additional four months of housing security to homeowners. With the third extension, FHA has now provided more than nine months of foreclosure and eviction relief to FHA-insured homeowners.

Federal Housing Finance Agency

FHFA Extends Foreclosure and REO Eviction Moratoriums

August 27, 2020

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020. The foreclosure moratorium applies to Fannie Mae or Freddie Mac-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by Fannie Mae or Freddie Mac through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on August 31, 2020.

Department of Labor

DOL Releases Unemployment Insurance Weekly Claims Report Update

August 27, 2020

The U.S. Department of Labor’s Unemployment Insurance Weekly claims Report found that in the week ending August 22, 2020, the advance figure for seasonally adjusted initial claims was 1,006,000, a decrease of 98,000 from the previous week’s revised level. The previous week's level was revised down by 2,000 from 1,106,000 to 1,104,000. The 4-week moving average was 1,068,000, a decrease of 107,250 from the previous week’s revised average. The previous week’s average was revised down by 500 from 1,175,750 to 1,175,250.

International

Bank of England Prudential Regulation Authority

Update to the Temporary Approach to VAR Back-Testing Exceptions to Mitigate the Possibility of Excessively Pro-Cyclical Market Risk Capital Requirements

August 27, 2020

The Bank of England Prudential Regulation Authority (PRA) announced that, in light of the amendments to the Capital Requirements Regulation in response to the COVID-19 pandemic, the PRA is terminating its temporary approach to VAR back-testing exceptions as of September 30, 2020. Beginning October 1, 2020, firms will no longer need to apply any commensurate reduction in RNIV capital requirements.