PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 11, 2020
November 11, 2020
FedACTion Task Force
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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
Financial Regulator Oversight Hearing
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a remote hearing on “Oversight of Financial Regulators.” Each participating agency gave an update on efforts, activities, objectives and plans since the least hearing, as well as an update on COVID-19 related actions.
November 10, 2020
Testimony by Federal Reserve Board Vice Chair for Supervision Randal K. Quarles
Oral Statement by Acting Comptroller of the Currency Brian P. Brooks
Written Testimony by Acting Comptroller of the Currency Brian P. Brooks
Brown, Reed Question FHFA on GSE Loan Sales That Could Remove Vital Borrower Protections
November 10, 2020
U.S. Senator Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and Jack Reed (D-RI) sent a letter to Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), expressing concern about recent loan sales by Fannie Mae and Freddie Mac.
Committee on Small Business and Entrepreneurship
Chairman Rubio Sends Letter to Treasury and SBA Requesting PPP Audit Plans
November 10, 2020
U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship (Committee), sent a letter to Steven Mnuchin, Secretary of the U.S. Department of the Treasury (Treasury), and Jovita Carranza, Administrator of the U.S. Small Business Administration (SBA), requesting that the Treasury and SBA provide the Committee with information related to the loan review and forgiveness procedures that will be used to audit Paycheck Protection Program loans.
Federal Agencies
Federal Reserve Board
Modernizing and Strengthening CRA Regulations: A Conversation with the National Congress of American Indians
November 10, 2020
Board of Governors of the Federal Reserve System Governor Lael Brainard gave a speech at the National Congress of American Indians 77th Annual Convention & Marketplace titled “Modernizing and Strengthening CRA Regulations: A Conversation with the National Congress of American Indians.” In her speech, Ms. Brainard discusses the COVID-19 pandemic, financial access and Community Reinvestment Act (CRA) reform.
Federal Reserve Bank of Boston
Financial Stability Factors and the Severity of the Current Recession
November 10, 2020
Federal Reserve Bank of Boston President Eric Rosengren gave remarks titled “Financial Stability Factors and the Severity of the Current Recession.”
International
UK Financial Conduct Authority
Nikhil Rathi Discusses the FCA’s Pandemic Response and His Vision for the Future
November 10, 2020
Financial Conduct Authority (FCA) Chief Executive Nikhil Rathi, in his first Inside FCA Podcast Interview, discusses starting his role during the coronavirus pandemic, and the FCA’s approach to the various challenges ahead.