PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 23, 2020
December 23, 2020
FedACTion Task Force
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Major Developments
Statements Addressing U.S. Senate’s and U.S. House of Representatives’ Passing of $900 Billion COVID-19 Relief Bill
December 22, 2020
Several members of the U.S. Senate and U.S. House of Representative and other stakeholders issued statements related to the approval of the new COVID-19 relief bill, Senate Amendment to H.R. 133 (Consolidated Appropriations Act, 2021), which will provide up to $900 billion in economic relief. The bill now heads to the President for his signature.
- Statement by Senate Committee on Banking, Housing and Urban Affairs Ranking Member Sherrod Brown
- Statement by Senate Committee on Small Business & Entrepreneurship Chairman Marco Rubio
- Statement by Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin
- Statement by House Committee on Financial Services Chairwoman Maxine Waters
- Extended Statement by House Committee on Financial Services Chairwoman Maxine Waters
- Statement by House Committee on Small Business Chairwoman Nydia Velazquez
- Statement by Treasury Secretary Steven T. Mnuchin
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 the full text of the Consolidated Appropriations Act, 2021, passed in House and Senate December 21, 2020, awaiting Presidential signature.
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
U.S. Department of the Treasury
President’s Working Group on Financial Markets Releases Report on Money Market Funds
December 22, 2020
The President’s Working Group on Financial Markets, chaired by the Secretary of the Treasury, released a report that examines how short-term funding markets came under sharp stress in March 2020 amid growing economic concerns related to the COVID-19 pandemic and an overall flight to liquidity and quality among investors. The report also sets forth potential policy measures to improve the resilience of money market funds and broader short-term funding markets.
Federal Reserve Bank of New York
New York Fed Releases White Paper on Looming “Eviction Cliff”
December 22, 2020
The Federal Reserve Bank of New York released a white paper on the looming rental crisis facing New York City. The paper builds on ideas around the City’s rental crisis raised in a meeting the Community Development Department of the Federal Reserve Bank of New York convened earlier in December 2020. Although New York state has recently expanded rent relief and the federal government is poised to extend its eviction moratorium in the pending stimulus bill, the paper finds a housing and commercial property crisis is still looming for New York City.
Conference of State Bank Supervisors
CSBS Applauds CARES Act Forbearance Clarification
December 22, 2020
The Conference of State Bank Supervisors applauded the federal housing agencies for clarifying the deadline for consumers to request forbearance under the CARES Act and providing consumers a clearer understanding of the relief available to them.
Office of Inspector General of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau
OIG Strategic Plan
December 22, 2020
The Office of Inspector General (OIG) for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau has decided to postpone the process of creating a new four-year strategic plan due to the uncertainties faced as a result of the ongoing COVID-19 pandemic.