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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, January 14, 2020

By
FedACTion Task Force
On Jan 14, 2021

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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 the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 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

Office of the Comptroller of the Currency

Acting Comptroller Steps Down; Blake Paulson Named New Acting Comptroller

Acting Comptroller of the Currency Brian P. Brooks is stepping down on January 14, 2021, and pursuant to 12 USC 4, Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency.

Federal Reserve Board

Federal Reserve Releases Beige Book Report

January 13, 2021

The Federal Reserve System released its latest Beige Book report (Report), which summarizes commentary on current economic conditions by Federal Reserve District (District). According to the Report, which reflects information collected on or before January 4, 2021, most Districts reported that economic activity increased modestly since the previous Beige Book period, although conditions remained varied: two Districts reported little or no change in activity, while two others noted a decline.

International

European Banking Authority

EBA Points to Continuing Rise in Capital and Leverage Ratios, Subdued Profitability

January 13, 2021

The European Banking Authority (EBA) published its quarterly Risk Dashboard, together with the results of the Risk Assessment Questionnaire. The 2020 third quarter data shows a rise in capital ratios, and an improvement in the non-performing loan ratio, while the return on equity remained significantly below banks’ cost of equity. The Risk Dashboard includes, for the first time, data on moratoria and public guarantee schemes.

Bank of England

Bank of England Responds to IEO’s Evaluation of its Approach to Quantitative Easing

January 13, 2021

The Bank of England (Bank) issued a response to a recent report by the Independent Evaluation Office (IEO) in which the IEO evaluated the Bank’s approach to quantitative easing.

UK Financial Conduct Authority

FCA Proposes Update to Guidance on Mortgages and Consumer Credit Repossessions

January 13, 2021

The UK Financial Conduct Authority (FCA) published draft guidance setting forth the FCA’s proposed approach to repossessions beginning on January 31, 2021. In November 2020, the FCA issued guidance for firms on the treatment of mortgage and consumer credit customers facing repossession due to COVID-19-related payment difficulties and provided that firms should generally not enforce repossessions before January 31, 2021. The draft guidance would allow consumer credit firms to repossess goods and vehicles beginning on January 31, 2021; however, under the guidance, repossession should be undertaken as a last resort, and subject to complying with relevant government public health guidelines and regulations. Under the proposed guidance, firms would also be expected to consider the impact on customers who may be vulnerable, including because of the COVID-19 pandemic, when deciding whether repossession of goods or vehicles is appropriate.