Key highlights
- Treasury and the Small Business Administration have released an interim final rule and additional guidance for implementation of the Paycheck Protection Program (PPP), a loan program created by the CARES Act and slated to begin as early as April 3, 2020.
- Regulatory focus on CECL by the federal banking agencies included an optional two-year extension of the regulatory capital transition and a statement addressing the interaction of the regulatory rule with the CARES Act.
- SEC stated the June 30, 2020 compliance date for its Regulation Best Interest and related filing requirements “remains appropriate”
Financial services regulatory and policy news
Banking
- Federal banking agencies (FRB, FDIC, OCC):
- Provided an optional extension for regulatory capital transition of CECL; permitted early adoption of SA-CCR
FRB, FDIC, OCC, March 27, 2020 - Clarified the interaction between the CECL interim final rule and the CARES Act
FRB, FDIC, OCC, March 31, 2020 - Amended the approach for calculating credit concentration risks
FRB, FDIC, OCC, March 30, 2020
- Provided an optional extension for regulatory capital transition of CECL; permitted early adoption of SA-CCR
- FRB:
- CFPB:
- Issued credit reporting guidance during COVID-19
CFPB, April 1, 2020 - Released its 2019 Consumer Response annual report
CFPB, March 31, 2020
- Issued credit reporting guidance during COVID-19
- FDIC highlighted Treasury and SBA lending programs
FDIC, April 2, 2020
Capital markets
- Five agencies extend Volcker rule comment period
FRB, FDIC, OCC, SEC, CFTC, April 2, 2020 - SEC stated Reg BI compliance remains June 30, 2020
SEC, April 2, 2020 - CFTC issued additional targeted, temporary no-action relief to foreign affiliates of certain FCMs
CFTC, March 31, 2020 - FINRA proposed to delay compliance with SR-FNRA-2019-014 for certain U.S. Treasury Securities transactions
FINRA, April 1, 2020
Other
- Treasury and SBA publish interim final rule for Paycheck protection program
Treasury, SBA, April 2, 2020 - BIS postponed Basel III implementation for one year
BIS, March 27, 2020 - FTC released data showing jump in coronavirus-related consumer complaints
CFTC, March 31, 2020
Industry news
- Emergency loan program plagued by chaos on eve of launch
American Banker, April 3, 2020 - CECL impact delayed two years
American Banker, March 27, 2020 - Ginnie Mae to help mortgage firms facing Coronavirus cash crunch
WSJ, March 27, 2020 - The Fed Transformed: Jay Powell leads central bank into uncharted waters
WSJ, March 30, 2020 - SEC Chairman: Government shouldn’t ban short selling in current market
WSJ, March 30, 2020 - Surveillance of homebound wall street traders relies on pen and paper
WSJ, March 30, 2020 - Uncertainty will exacerbate economic impact of virus: Fed paper
Reuters, March 30, 2020 - Dealmaking grinds to a halt on coronavirus impact
Financial Times, March 31, 2020 - Banks say Fed rescue threatens mortgage hedging strategies
Financial Times, March 31, 2020