Highlights
- The $349 billion in funding provided by the CARES Act for the SBA’s Paycheck Protection Program (PPP) has been exhausted and no new applications can be accepted until additional funding is appropriated by Congress. The FRB’s related lending facility for depository institutions is operational.
- The Federal Reserve Bank of New York commenced purchases under the FRB’s Commercial Paper Funding Facility on April 14
- Continued focus on consumer protection, timely access to funds and financial information
Financial services regulatory and policy news
Banking
- FRB announced the Paycheck Protection Program Lending Facility (PPPLF) is operational
FRB, April 16, 2020 - FRB NY released updated FAQs in advance of the commercial paper funding facility launch
FRB NY, April 13, 2020 - Federal agencies temporarily deferred real estate-related appraisals
FRB, FDIC, OCC, NCUA, CFPB, April 14, 2020 - CFPB:
- Finalized HMDA reporting rules for open-end lines of credit
CFPB, April 16, 2020 - Provided temporary guidance on remittance transfers
CFPB, April 10, 2020 - Announced a joint initiative to share servicing information with FHFA
CFPB, FHFA, April 15, 2020
- Finalized HMDA reporting rules for open-end lines of credit
- FFIEC:
- Announced the availability of FFIEC federal disclosure computational tools
FFIEC, April 16, 2020 - Released an updated BSA/AML examination manual
FFIEC, April 15, 2020
- Announced the availability of FFIEC federal disclosure computational tools
Capital markets
- SEC:
- Issued a Staff Statement on timely delivery of material information to investors
SEC, April 8, 2020 - Released division of investment management FAQs for COVID-19 response
SEC, April 8, 2020
- Issued a Staff Statement on timely delivery of material information to investors
- CFTC unanimously approved:
- Proposed amendments to bankruptcy regulations
- Proposed amendments to compliance requirements for commodity pool operators
- Proposed amendments to clearing requirements for central banks, sovereigns, IFIs, bank holding companies, and CDFIs
- Final amendments to margin requirements for the European stability mechanism
- Final amendments to the consumer financial information privacy regulation
Other
- SBA announced it cannot accept new applications for its Paycheck Protection Program
Small Business Administration, April 16, 2020 - FSB published recommendations addressing regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements
FSB, April 14, 2020 - FSB published a report on international cooperation and coordination to address the financial stability implications from COVID-19
FSB, April 15, 2020 - BIS released a CPMI/World Bank report on payments, fintechs, and financial inclusion
BIS, April 14, 2020
Industry news
- Hundreds of thousands of emergency small-business loan applications in limbo
American Banker, April 17, 2020 - Fintechs OK'd to make emergency small-business loans
American Banker, April 13, 2020 - Wall Street explores changes to circuit breakers after coronavirus crash
WSJ, April 15, 2020 - Private-Mortgage market nears unraveling, undoing decade of work
BNN Bloomberg, April 14, 2020 - Investment bank consolidation likely amid virus fallout: Report
BNN Bloomberg, April 12, 2020 - Fed stress tests will incorporate 'current events,' Quarles says
American Banker, April 13, 2020
