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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Friday, November 13, 2020

November 13, 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.

U.S. House of Representatives

Committee on Financial Services

Hearing: Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic

November 12, 2020

The Committee on Financial Services held a hearing titled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.”

Federal Agencies

Federal Housing Finance Agency

Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended

November 12, 2020

The Federal Housing Finance Agency approved an extension of the current temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by Fannie Mae and Freddie Mac, in order to further support homeowners and mortgage lenders during COVID-19. The policy is extended for loans originated through December 31, 2020.

U.S. Department of Labor

Labor Department Issues Release on Unemployment Insurance Weekly Claims

November 12, 2020

The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending November 7, the advance figure for seasonally adjusted initial claims was 709,000, a decrease of 48,000 from the previous week’s revised level; the previous week’s level was revised up by 6,000 from 751,000 to 757,000; the four-week moving average was 755,250, a decrease of 33,250 from the previous week’s revised average; and the previous week’s average was revised up by 1,500 from 787,000 to 788,500.

International

Bank of England

Speech: The Impact of Leveraged Investors on Market Liquidity and Financial Stability

November 12, 2020

Sir Jon Cunliffe, Deputy Governor Financial Stability and Member of the Financial Policy Committee, Monetary Policy Committee and Prudential Regulation Committee at the Bank of England, gave a speech titled “The Impact of Leveraged Investors on Market Liquidity and Financial Stability,” highlighting the extreme turmoil in financial markets in March 2020 due to COVID-19.

UK Financial Conduct Authority

Facing the Future – Challenges and Priorities for the FCA

November 12, 2020

Nikhil Rathi, Chief Executive Officer of the Financial Conduct Authority (FCA) gave a speech at the Address to the City Regulators, Mansion House. His speech focused on the challenges the financial services industry and the FCA face in the coming months, including due to COVID-19 and the FCA’s efforts in the immediate environment and in 2021.