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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Wednesday, September 2, 2020

September 02, 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 Small Business

Chairwoman Velázquez Announces September Hearings

September 1, 2020

House Small Business Committee (Committee) Chairwoman Nydia M. Velázquez (D-NY) announced several remote Committee hearings for September.

Federal Agencies

Federal Reserve Board

Governor Brainard Gives Speech on Bringing the Statement on Longer-Run Goals and Monetary Policy Strategy into Alignment with Longer-Run Changes in the Economy

September 1, 2020

Governor Lael Brainard of the Board of Governors of the Federal Reserve System (Federal Reserve) delivered a speech at the Federal Reserve’s event “How the Fed Will Respond to the COVID-19 Recession in an Era of Low Rates and Low Inflation.” Governor Brainard discussed key longer-run changes in the economy, as well as changes in the statement on longer-run goals and strategy.

Federal Reserve Bank of New York

New York Fed Issues Revised FAQs and Documentation for the Term Asset-Backed Securities Loan Facility

September 1, 2020

The Federal Reserve Bank of New York updated its Frequently Asked Questions and Form of TALF-Specific Agreed-Upon Procedures Report for CLOs for the Term Asset-Backed Securities Loan Facility.

Federal Deposit Insurance Corporation

Agencies to Host Banker Webinar: Loan Forgiveness and Other Matters Relative to the Paycheck Protection Program

September 1, 2020

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the National Credit Union Administration, as well as the Conference of State Bank Supervisors, will host a webinar for bankers on September 3, 2020 from 3:00 p.m. to 4:00 p.m., Eastern, to discuss the loan forgiveness process and recent changes in the Paycheck Protection Program.

FINRA

FINRA Hosts Panel on COVID-19’s Impact on Arbitration - Practical Tips & What’s New in Arbitration Procedures

September 1, 2020

The Financial Industry Regulatory Authority hosted a panel on how COVID-19 challenges are impacting cases. Panelists offered tips and resources for conducting effective Zoom virtual arbitration hearings and shared the latest in arbitration procedures.

Department of Labor

U.S. Department of Labor Provides $100 Million to States to Combat Unemployment Insurance Fraud

September 1, 2020

The U.S. Department of Labor announced $100 million in funding to support state efforts to combat fraud and recover improper payments in the Unemployment Insurance program, including those programs created under the CARES Act.

International

European Banking Authority

EBA Publishes its 2019 Annual Report on Resolution Colleges

September 1, 2020

The European Banking Authority (EBA) published its Annual Report on resolution colleges for 2019. The Report sets out the EBA’s observations on the efficiency, effectiveness and consistency of the functioning of resolution colleges during 2019 and the progress achieved in key areas of resolution planning. It also highlights the main areas that the EBA will monitor in 2020, which primarily address responses to the effects of the COVID-19 pandemic. Resolution colleges continue to be an active forum for resolution authorities in the development of resolution plans for cross-border banking groups, where the intensity and quality of cooperation and dialogue has also improved.

Bank of England

Bank of England Releases Money and Credit Statistics for July 2020

September 1, 2020

The Bank of England released its Money and Credit statistics for July 2020. According to the report, UK households and businesses continued strongly increasing their sterling money holdings in July (£26.3 billion), an increase from June (£16.8 billion). Deposit interest rates remain at historically low levels. Household’s net borrowing was £3.9 billion in July, with increases in both mortgage borrowing and consumer credit.