PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update - Monday, May 11, 2020
May 11, 2020
FedACTion Task Force
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Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, 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 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 Small Business and Entrepreneurship
Cardin, Booker Release Plan to Prevent Underserved & Underbanked Small Businesses from Falling Further Behind During the COVID-19 Economic Crisis
May 10, 2020
U.S. Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin (D-Md.) and U.S. Senator Cory Booker (D-N.J.) today released a proposal to prevent underserved and underbanked business owners from falling further behind during and after the COVID-19 economic crisis.
U.S. House of Representatives
Committee on Financial Services
Committee to Hold Bipartisan Virtual Roundtable with Financial Regulators
May 8, 2020
On May 13, 2020, Consumer Protection and Financial Institutions Subcommittee Chairman Gregory Meeks (D-NY) and Ranking Member Blaine Luetkemeyer (R-MO) will host a virtual roundtable discussion entitled, “Update from Prudential Regulators.”
Federal Agencies
Small Business Administration
SBA Issues Interim Final Rule on Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request
May 8, 2020
The Small Business Administration (SBA) has issued an interim final rule that revises the interim final rule posted on April 24, 2020, by extending the date by which certain Paycheck Protection Program borrowers may repay their loans from May 7, 2020 to May 14, 2020, in order to avail themselves of a safe harbor with respect to a certification required by the CARES Act, and makes other conforming changes. This interim final rule supplements SBA’s implementation of the Act and requests public comment.
Department of Labor
U.S. Department of Labor Provides Additional Guidance to States On the Federal Pandemic Unemployment Compensation Program
May 9, 2020
The U.S. Department of Labor published a series of responses to specific inquiries and questions raised by states regarding the Federal Pandemic Unemployment Compensation (FPUC) program. Section 2104 of the CARES Act provides an additional $600 weekly payment boost to certain eligible individuals who are receiving other qualifying benefits. The new guidance provides states with answers to important questions they may have about FPUC and provides further administrative guidance about the program.