PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -Thursday, July 9, 2020
July 09, 2020
FedACTion Task Force
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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. House of Representatives
Committee on Financial Services
Task Force Holds Virtual Hearing on Use of AI in Exposure Notification, Contact Tracing
July 8, 2020
The House Committee on Financial Services’ Task Force on Artificial Intelligence (Task Force) held a virtual hearing entitled “Exposure Notification and Contact Tracing: How AI Helps Localities Reopen Safely and Researchers Find a Cure”. Witnesses at the hearing included Brian McClendon, CEO and Co-founder of the CVKey Project; Krutika Kuppalli, M.D., an infectious diseases physician; Andre M. Perry, a Fellow at the Metropolitan Policy Program of the Brookings Institute; and, Ramesh Raskar, a Professor at MIT, and Founder of the PathCheck Foundation.
Federal Agencies
Federal Reserve Bank of New York
FRBNY’s Executive VP Delivers Remarks on Fed’s Emergency Facilities
July 8, 2020
Daleep Singh, Executive Vice President of the Federal Reserve Bank of New York (FRBNY), delivered via videoconference remarks entitled “The Fed’s Emergency Facilities: Usage, Impact, and Early Lessons,” to members of the Hudson Valley Pattern for Progress organization.
Federal Reserve Bank of Boston
FRBBOS Publishes List of Lenders Accepting New Business Customers under MSL
July 8, 2020
The Federal Reserve Bank of Boston (FRBBOS) published a state-by-state list of lenders who are participating in the Main Street Lending Program (Program) and who are currently accepting applications from business customers. The lender listing is accessible on the Program website.
Conference of State Bank Supervisors
Latest CBSI Reveals Concerns over Future Profitability, Regulatory Burden
July 8, 2020
The Conference of State Bank Supervisors released the Community Bank Sentiment Index (CBSI) for the second quarter of 2020. The CBSI captures, on a quarterly basis, community bankers’ thoughts about the future in seven key areas. The latest CBSI indicates community bankers continue to be concerned about the health of the economy, and how that will impact future profitability, franchise value and regulatory oversight.
Department of Housing and Urban Development/Federal Housing Administration
FHA Expands Home Retention Measures for Homeowners Impacted by COVID-19
July 8, 2020
The Federal Housing Administration (FHA) announced additional measures designed to assist homeowners bring their mortgages current at the end of their COVID-19 forbearance periods. According to the FHA’s announcement, effective immediately, for homeowners who do not qualify for the FHA’s COVID-19 National Emergency Standalone Partial Claim, mortgage servicers will be able to use an expanded menu of loss mitigation tools, known as a “waterfall,” to assess such homeowners’ eligibility for other options to bring their mortgages current. The additional options are available for homeowners whose mortgages were current or less than 30 days past due as of March 1, 2020.
HUD Announces Eviction Prevention and Stability Toolkit
July 8, 2020
Ben Carson, Secretary of the U.S. Department of Housing and Urban Development (HUD), announced the “Eviction Prevention and Stability Toolkit” (Toolkit), designed to encourage Public Housing Authorities (PHA) and Housing Choice Voucher (HCV) landlords to plan for and implement strategies to keep families stably housed, and mitigate economic hardships due to COVID-19. The Toolkit is composed of a PHA best practices guide, tenant brochure with tips to avoid eviction, HCV landlord flyer to encourage engagement with tenants before the moratorium expires, and repayment agreement guidance, in addition to sample documents designed to provide increased clarity for landlords and renters utilizing the resources.
International
UK Financial Conduct Authority
Woolard Delivers Speech on Investment Managers’ Role in Recovery
July 8, 2020
Christopher Woolard, Interim Chief Executive at the Financial Conduct Authority, delivered a speech entitled “The Role of Investment Managers in the Post COVID-19 Recovery”, at a webinar hosted by The Investment Association.