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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Saturday, September 12, 2020

September 12, 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

Department of Housing and Urban Development/Federal Housing Administration

HUD Awards Nearly $2 Billion in CARES Act Relief Funds, Focusing on Communities with Higher Risk of Eviction

September 11, 2020

Department of Housing and Urban Development (HUD) Secretary Ben Carson 

 of the remaining $1.988 billion in CARES Act funding for the Community Development Block Grant (CDBG) program. The allocation focuses funds towards places with households facing higher risk of eviction. To date, HUD has provided nearly $5 billion in CDBG funding nationwide to help communities combat the coronavirus and alleviate economic hardship.

International

Bank of England

Bank of England Releases London FXJSC Meeting Minutes

September 11, 2020

The Bank of England, which chairs the London Foreign Exchange Joint Standing Committee (FXJSC), released minutes for the FXJSC Operations Sub-Committee and Legal Sub-Committee meetings on May 13, 2020 and June 8, 2020, as well as the full FXJSC meeting on June 9, 2020. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators. Members discussed market conditions during the COVID-19 pandemic, UK insolvency law changes and various regulatory updates.