PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 10, 2020
September 10, 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. Senate
Committee on Banking, Housing, and Urban Affairs
Crapo, Brown Deliver Statements at Hearing on Federal Reserve Emergency 13(3) Lending Facilities
September 9, 2020
U.S. Senators Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs (Committee), and Sherrod Brown (D-OH), Ranking Member of the Committee, both delivered statements at a virtual hearing on the status of the Federal Reserve System’s emergency Section 13(3) lending facilities.
Federal Agencies
Federal Reserve Bank of New York
New York Fed Announces Additional Counterparties for CPFF, SMCCF to Facilitate Diversity and Inclusion
September 9, 2020
The Federal Reserve Bank of New York announced the first wave of additional counterparties it has selected to support the Commercial Paper Funding Facility and Secondary Market Corporate Credit Facility. The additional firms represent a diverse range of market participants in terms of size, business models, and ownership, including Minority, Women and Veteran Business Enterprises. The Federal Reserve is accepting applications for additional firms as counterparties for the CPFF, SMCCF and Term Asset-Backed Securities Loan Facility.
Department of Housing and Urban Development/Federal Housing Administration
HUD Issues Notice Detailing Requirements, Flexibilities for Emergency Solutions Grants Program
September 9, 2020
The United States Department of Housing and Urban Development issued a notice setting forth requirements and flexibilities for the $3.96 billion in Emergency Solutions Grants (ESG) Program funds (ESG-CV Funds) provided to state and local governments under the CARES Act. The flexibilities detailed in the notice include new eligible activities for ESG-CV Funds, including new types of temporary emergency shelters and landlord incentives; and, discretion beyond what is permitted in the ESG regulations for ESG-CV Funds and annual ESG allocations, including payments for hotel costs for individuals currently being assisted by ESG or Continuum of Care programs, as necessary to quarantine or isolate.
International
Bank of England
FPC Member Stheeman Delivers Speech on Risks to UK Financial System
September 9, 2020
Elisabeth Stheeman, external member of the Bank of England’s Financial Policy Committee (FPC), delivered a speech entitled “The Financial ‘Plumbing’ Committee: from Plumbing to Policy,” at a virtual event hosted by the Institute of Directors and Burness Paull. In her speech, Ms. Stheeman examined several of the possible risks to the UK’s financial system, ranging from cyberattacks to innovation in payments, and the FPC’s approach to addressing these risks.