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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Wednesday, November 11, 2020

November 11, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Financial Regulator Oversight Hearing

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a remote hearing on “Oversight of Financial Regulators.” Each participating agency gave an update on efforts, activities, objectives and plans since the least hearing, as well as an update on COVID-19 related actions.

November 10, 2020

Brown, Reed Question FHFA on GSE Loan Sales That Could Remove Vital Borrower Protections

November 10, 2020

U.S. Senator Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and Jack Reed (D-RI) sent a letter to Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), expressing concern about recent loan sales by Fannie Mae and Freddie Mac.

Committee on Small Business and Entrepreneurship

Chairman Rubio Sends Letter to Treasury and SBA Requesting PPP Audit Plans

November 10, 2020

U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship (Committee), sent a letter to Steven Mnuchin, Secretary of the U.S. Department of the Treasury (Treasury), and Jovita Carranza, Administrator of the U.S. Small Business Administration (SBA), requesting that the Treasury and SBA provide the Committee with information related to the loan review and forgiveness procedures that will be used to audit Paycheck Protection Program loans.

Federal Agencies

Federal Reserve Board

Modernizing and Strengthening CRA Regulations: A Conversation with the National Congress of American Indians

November 10, 2020

Board of Governors of the Federal Reserve System Governor Lael Brainard gave a speech at the National Congress of American Indians 77th Annual Convention & Marketplace titled “Modernizing and Strengthening CRA Regulations: A Conversation with the National Congress of American Indians.” In her speech, Ms. Brainard discusses the COVID-19 pandemic, financial access and Community Reinvestment Act (CRA) reform.

Federal Reserve Bank of Boston

Financial Stability Factors and the Severity of the Current Recession

November 10, 2020

Federal Reserve Bank of Boston President Eric Rosengren gave remarks titled “Financial Stability Factors and the Severity of the Current Recession.”

International

UK Financial Conduct Authority

Nikhil Rathi Discusses the FCA’s Pandemic Response and His Vision for the Future

November 10, 2020

Financial Conduct Authority (FCA) Chief Executive Nikhil Rathi, in his first Inside FCA Podcast Interview, discusses starting his role during the coronavirus pandemic, and the FCA’s approach to the various challenges ahead.