PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update - Monday, May 18, 2020
May 18, 2020
FedACTion Task Force
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Major Developments
Regulators Temporarily Change the Supplementary Leverage Ratio to Increase Banks’ Ability to Support Credit to Households and Businesses in Light of the Coronavirus Response
May 15, 2020
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued an interim final rule temporarily changing the supplementary leverage ratio rule. The temporary modifications provide flexibility to certain depository institutions to expand their balance sheets in order to provide credit to households and businesses in light of the challenges arising from the coronavirus response.
House Passes HEROES Act
May 15, 2020
The House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, H.R. 6800, in a 208-199 vote.
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. House of Representatives
Committee on Financial Services
Waters Urges Congress to Pass HEROES Act
May 15, 2020
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave a floor statement in support of the HEROES Act (H.R. 6800).