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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 25, 2020

By
FedACTion Task Force
On Jul 25, 2020

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PH Client Alerts

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.

Federal Agencies

Federal Reserve Bank of New York

New York Fed Releases Updated Form Documents and Certifications for the Municipal Liquidity Facility

July 23, 2020

The Federal Reserve Bank of New York has updated the Form Documents and Certifications for the Municipal Liquidity Facility to include revised certification forms.

International

European Commission

Coronavirus Response: Making Capital Markets Work for Europe's Recovery

July 24, 2020

The European Commission (Commission) adopted a Capital Markets Recovery Package, as part of the Commission’s overall Coronavirus recovery strategy. On April 28, 2020, the Commission proposed a banking package to facilitate bank lending to households and businesses throughout the European Union. The current measures aim to make it easier for capital markets to support European businesses’ recovery from the crisis. The package proposes targeted changes to capital market rules to encourage greater investments in the economy, allow for the rapid re-capitalization of companies and increase banks’ capacity to finance the recovery.

UK Financial Conduct Authority

Statement on Updated Guidance for Insurance and Premium Finance Firms

July 24, 2020

The Financial Conduct Authority (FCA) announced proposals to extend a series of temporary measures to help customers who hold insurance and premium finance products and who may be in temporary financial difficulties because of COVID-19. The FCA proposes to extend such measures until October 31, 2020.