Washington Report 360 | April 10, 2020

New credit facilities; FRBNY opened CPFF registration; focus on implementing CARES Act; focus on loan modificaitons

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key highlights

  • The FRB announced new credit facilities, including one to support the SBA’s new Paycheck Protection Program, one to support states and municipalities, and two under the Main Street Lending Program. The facilities draw on funding provided by the Treasury through the CARES Act.
  • The Federal Reserve Bank of New York opened registration for the FRB’s Commercial Paper Funding Facility; the program will commence April 14.
  • Regulatory focus on implementing the CARES Act provisions through amendments to regulatory capital, Community Bank Leverage Ratio, and loan modifications and forbearance; additional focus on strengthening conduct and controls seen in SEC and FINRA Regulation BI releases. 
  • Growing focus on loan modifications and loss mitigation, directing servicers and financial institutions to support borrowers and comply with consumer protection laws.

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