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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Thursday, September 3, 2020

September 03, 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

A New Chapter for the FOMC Monetary Policy Framework

September 2, 2020

John C. Williams, President and Chief Executive Officer for the Federal Reserve Bank of New York, gave remarks at “In Conversation: New York Fed Presidents on COVID-19,” on the Bretton Woods Committee Webinar.

State Agencies

New York State Department of Financial Services

Superintendent Lacewell Announces DFS’ Opposition to Federal Government’s Proposed True Lender Rule

September 2, 2020

Superintendent Linda A. Lacewell announced the New York State Department of Financial Services’ (DFS) opposition to the U.S. Office of the Comptroller of the Currency’s (OCC) proposed true lender rule. If enacted, the OCC’s proposed rule would enable lenders to make loans with triple-digit interest rates, well beyond those normally permitted by New York law.

International

Bank of England

Gertjan Vlieghe's Annual Report for the Treasury Select Committee

September 2, 2020

Gertjan Vlieghe, External Member of the Monetary Policy Committee of the Bank of England, released a Report to the Treasury Committee. Mr. Vlieghe’s report discusses economic conditions in the UK, including the dramatic economic impact of the ongoing COVID-19 pandemic, the economic outlook and his efforts in explaining monetary policy.