PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, November 26, 2020
November 30, 2020
FedACTion Task Force
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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
Shelter from the Storm: Psychological Safety and Workplace Culture during the Coronavirus Pandemic
November 26, 2020
James Hennessy, Senior Vice President of the Federal Reserve Bank of New York (New York Fed), gave the keynote address for the 6th Annual Culture and Conduct Forum for the Financial Services Industry – “Culture, Conduct and COVID-19.” His speech provided updates on the activities of the New York Fed’s initiative on governance and cultural reform in the financial services industry, and he shared his thoughts on psychological safety and workplace culture during the COVID-19 pandemic.
How Economic Crises Affect Inflation Beliefs: Evidence from the COVID-19 Pandemic
November 25, 2020
The Federal Reserve Bank of New York (New York Fed) has released a staff report titled “How Economic Crises Affect Inflation Beliefs: Evidence from the COVID-19 Pandemic.” The report studies how inflation beliefs reported in the New York Fed’s Survey of Consumer Expectations have evolved since the start of the COVID-19 pandemic. The authors find that household inflation expectations responded slowly and mostly at the short-term horizon. In contrast, the data reveal immediate and unprecedented increases in individual inflation uncertainty and in inflation disagreement across respondents. The authors find evidence of a strong polarization in inflation beliefs and show differences across demographic groups.
U.S. Department of Labor
Labor Department Issues Release on Unemployment Insurance Weekly Claims
November 25, 2020
The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending November 21, the advance figure for seasonally adjusted initial claims was 778,000, an increase of 30,000 from the previous week’s revised level; the previous week’s level was revised up by 6,000 from 742,000 to 748,000; the four-week moving average was 748,500, an increase of 5,000 from the previous week’s revised average; and the previous week’s average was revised up by 1,500 from 742,000 to 743,500.
International
Bank of England
How Has COVID Affected Household Savings?
November 25, 2020
The Bank of England (BoE) has released a Bank Overground post titled “How Has COVID Affected Household Savings?” According to the post, household savings have risen substantially since the start of the COVID-19 pandemic. The BoE’s latest survey of British households suggests only a small fraction of households intend to spend such savings.