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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 11, 2020

By
FedACTion Task Force
On Jul 11, 2020

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Click here to read more from our Coronavirus series.

Congress

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

Click here to view a running list of proposed legislation 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

Seven Senators Call on the Acting Comptroller of the Currency to Ensure Banks Provide Relief to Homeowners

July 10, 2020

Seven Senators led by Sherrod Brown (D-OH), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Senator Amy Klobuchar (D-MN), addressed a letter to the Acting Comptroller of the Currency calling for clarification regarding the role played by state and local officials, including Governors and Attorneys General, in working with banks to provide relief to homeowners and mortgage holders during the COVID-19 pandemic in light of the OCC’s Bulletin 2020-62 addressing preemption and COVID-19 relief programs.

Federal Agencies

Federal Deposit Insurance Corporation

FDIC Issued Materials Pertaining to the Consolidated Reports of Condition and Income for Second Quarter 2020 addressing Changes to Address COVID-19

July 10, 2020

The Federal Deposit Insurance Corporation issued materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2020 report date. The Call Report for the second quarter of 2020 includes revisions associated with several Interim Final Rules and a Final Rule issued in response to the impact on the financial markets and strains on the U.S. economy as a result of COVID-19.

Except for certain institutions with foreign offices, the completed Call Report must be received by Thursday, July 30, 2020. An institution with more than one foreign office, other than a “shell” branch or an International Banking Facility, must electronically file its Call Report no later than Tuesday, August 4, 2020.

National Credit Union Administration

NCUA Announces July 14, 2020 Conference Call on SBA Lending Programs

July 10, 2020

The National Credit Union Administration has announced that credit unions interested in learning more about updates to the Small Business Administration’s (SBA) lending programs, including the Paycheck Protection Program, can get information on a conference call that begins at 3 p.m. Eastern on Tuesday, July 14, 2020. Registration for the SBA hosted conference call is now open, but the number of participants is limited.

International

UK Financial Conduct Authority

Update on Annual Report and Accounts 2019/2020 and Annual Public Meeting

July 10, 2020

The Financial Conduct Authority (FCA) has issued a statement on its Annual Report and Accounts 2019/2020 and Annual Public Meeting. The FCA normally publishes its Annual Report and Accounts in July. In response to the challenges caused by the COVID-19 pandemic, Her Majesty’s Treasury (HMT) has announced a general extension to the filing deadline to September 30, 2020. In line with HMT and other similarly affected public bodies, the FCA will now be publish its Annual Report and Accounts for 2019/2020 in September. The FCA expects the Annual Public Meeting to take place later in September 2020.