PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, December 8, 2020
December 08, 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
Securities and Exchange Commission
SEC Chief Accountant Speech addressing OCA’s Focus on High-Quality Financial Reporting during an Unusual Year and a Discussion of our Upcoming Priorities
December 7, 2020
Sagar Teotia, Chief Accountant from the Securities and Exchange Commission’s Office of the Chief Accountant (OCA), delivered a speech titled “Statement on OCA’s Focus on High-Quality Financial Reporting during an Unusual Year and a Discussion of our Upcoming Priorities,” discussing the OCA’s efforts during the past year to work with stakeholders in addressing the impacts of COVID-19 and other emerging issues.
Ginnie Mae
Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement
December 7, 2020
Ginnie Mae issued All Participant Memorandum (APM) 20-17 titled “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement.” Due to the continuing impact of the COVID-19 pandemic on forbearance levels and delinquency rates, Ginnie Mae has extended the exemptions that were announced in APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19,” from December 31, 2020 through July 31, 2021 (June 2021 investor reporting).
International
Bank of England Prudential Regulation Authority
PRA Decision on Systemic Risk Buffer Rates
December 7, 2020
The Bank of England Prudential Regulation Authority released a statement of its decision to maintain firms’ Systemic Risk Buffer rates at the rate set in December 2019, until December 2022, with no rate changes taking effect until January 2024. The decision was made in response to the ongoing economic shock from COVID-19.