PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, December 18, 2020
December 18, 2020
By Paul Hastings Professional
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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
Congresswoman Waters’ Floor Statement on Urgent Need for Coronavirus Response Legislation
December 17, 2020
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave a statement on the House floor on the urgent need to pass coronavirus response legislation.
Federal Agencies
National Credit Union Association
NCUA Board Extends Regulatory Relief Measures in Response to COVID-19
December 17, 2020
The National Credit Union Administration Board (NCUA) held the first of two consecutive open meetings and approved a temporary final rule that extends certain regulatory relief measures in response to COVID-19 until December 31, 2021.
- Proposed Rule on Field of Membership Shared Facility
- Temporary Final Rule Extending Regulatory Relief in Response to COVID-19
- Proposed Rule to Permit Purchase of Mortgage Servicing Rights
- Proposed Overdraft Rule to Provide Flexibility
- Final Rule on Subordinated Debt
- News Release
Federal Housing Finance Agency
FHFA Releases 3rd Quarter Foreclosure Prevention and Refinance Report
December 17, 2020
The Federal Housing Finance Agency released its third quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac completed 539,451 foreclosure prevention actions in the third quarter of 2020, bringing to 5.2 million the number of troubled homeowners who have been helped during conservatorships. Of these actions, 4.5 million of the foreclosure prevention actions have helped troubled homeowners stay in their homes.
U.S. Department of Labor
Labor Department Issues Release on Unemployment Insurance Weekly Claims
December 17, 2020
The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending December 12, the advance figure for seasonally adjusted initial claims was 885,000, an increase of 23,000 from the previous week’s revised level; the previous week’s level was revised up by 9,000 from 853,000 to 862,000; the four-week moving average was 812,500, an increase of 34,250 from the previous week’s revised average; and the previous week’s average was revised up by 2,250 from 776,000 to 778,250.
International
European Commission
EU Institutions Agree on Priorities for Coming Years: A Common Agenda for Recovery and Renewed Vitality
December 17, 2020
European Commission President Ursula von der Leyen, European Parliament President David Sassoli and Chancellor Angela Merkel, on behalf of the Presidency of the Council, signed the Joint Declaration (Declaration) on legislative priorities for 2021. The Declaration cements the three institutions’ commitment to adopt swiftly the necessary legislative proposals to drive the European Union’s recovery from the COVID-19 pandemic, while seizing the opportunities of the climate and digital transitions. The three Presidents also signed the first-ever Joint Conclusions on policy objectives and priorities for 2020-2024, agreeing to deliver an ambitious political and legislative agenda for recovery and renewed vitality until 2024.
- Joint Conclusions on policy objectives and priorities for 2020-2024
- EU Legislative Priorities 2021
- News Release
Impact of COVID-19 on UK businesses – Evidence from the Decision Maker Panel in 2020 Q4
December 17, 2020
The Bank of England released a summary of results of the Decision Maker Panel on the impact of COVID-19 on UK businesses, up until November 2020.