Washington Report 360 | August 14, 2020

SBA closed the PPP; DOL seeking input regarding use of ESG funds; Growing attention to digital currencies

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • SBA closed the Paycheck Protection Program on August 8, 2020, consistent with statutory requirements of the Paycheck Protection Program Extension Act; Congress is currently debating measures to reopen and extend the PPP.  
  • DOL is seeking input from registered investment advisers regarding their use of ESG funds in retirement plans. The request follows a recent DOL proposed rule related to ESG investments, which is largely opposed by industry participants.
  • Attention to digital currencies is growing, including FRB research in payments innovation and DOJ seizure of certain cryptocurrency accounts.

Financial services regulatory and policy news


  • FRB:
    • Provided updates on efforts related to digital currencies
    • Revised pricing for its Municipal Liquidity Facility and released related FAQs
    • Released its periodic report on outstanding emergency lending facilities
    • Announced individual large bank capital requirements
  • OCC:
    • Informed banks of its fees and assessments schedule for the remainder of 2020
    • Published an interim final rule revising requirements for banks administering collective investment funds

Capital markets

  • SEC:
    • Released a statement in response to the report of the President’s working group on financial markets; that report is available here
    • Released a statement on Senate confirmations of Hester Peirce and Caroline Crenshaw as SEC Commissioners
    • Identified COVID-19-related issues, risks, and practices relevant to registered investment advisers and broker-dealers
  • FINRA:
    • Proposed a rule change to eliminate the OATS rules once members are effectively reporting to CAT
    • Published new OATS reporting technical specifications


  • Administration
    • Issued an executive order providing assistance to homeowners and renters during COVID-19
    • Issued a memorandum providing continued relief on student loan payments
  • SBA and Treasury:
    • Closed the Paycheck Protection Program
    • Issued an interim final rule on appeals of SBA PPP loan review decisions
    • Released updated PPP loan FAQs
    • Released updated PPP loan forgiveness FAQs
  • DOJ:
    • Announced the dismantling of three terrorist financing campaigns funded by cryptocurrency
  • NY FRB:
    • Published an article on distinctions between “token-based” and “account-based” digital currencies
    • Published the July 2020 Survey of Consumer Expectations
  • NY DFS:
    • Sent a letter on behalf of a multi-state coalition advocating the Department of Education expand student loan borrower protection
  • BIS:
    • Provided a progress report on the G20 TechSprint initiative 
  • FSB:
    • Published a questionnaire on continuity of access to FMIs for firms in resolution
  • ARRC:
    • Released the SOFR Starter Kit, a set of factsheets about the LIBOR transition

Industry news

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