- Supreme Court ruled on provisions of the CFPB’s single-director, eliminating the so-called "for cause" provision in Dodd-Frank. The Supreme Court has announced it will also hear a similar case for the FHFA.
- Ongoing attention to the Payment Protection Program (PPP), as the President signed the Paycheck Protection Program Extension Act into law, establishing August 8, 2020 as the new deadline to apply for a PPP loan; approximately $130 billion remains available in the program. SBA also published loan-level data for all of the 4.9 million PPP loans approved through June 30, 2020.
- OCC Semiannual Risk Perspective highlights increasing credit, operational, and compliance risks while adding government relief programs as a special topic of emerging risk.
- FRB focus on resolution planning evidenced by new guidance for targeted plans due next year, and speech focused on the impact of “too-big-to-fail” reforms, resiliency, and resolvability.Focus on LIBOR transition, through FFIEC statement, BIS/FSB paper, and ARRC guidance.
- Increasing attention to digital assets, including FATF report on stablecoins and FINRA request for notification when engaged in activities related to digital assets.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Testified about the CARES Act and COVID-19 response
- Provided guidance, with FDIC, to the eight largest banking organizations for their targeted resolution plans due July 2021
- Discussed "too-big-to-fail" reforms, resiliency, and resolvability
- Published a discussion paper about bank complexity, governance, and risk
- Released a periodic update on the Main Street Lending Program
- Operationalized the Primary Market Corporate Credit Facility (PMCCF) (via NY Fed)
- Supreme Court:
- SBA and Treasury: