Washington Report 360 | June 12, 2020

Highlights

• Ongoing updates to the Paycheck Protection Program with the release of new forms and guidance implementing the Paycheck Protection Program Flexibility Act.
• Ongoing adjustments to the FRB credit facilities, including expansion of the Main Street Lending Program and release of new legal agreements and forms, and FAQs.
• OCC Acting Comptroller says that examiners are transitioning away from maximum telework toward more normal operations.

Financial services regulatory and policy news

Banking

• FRB:
  • Expanded the Main Street Lending Program to allow more small and medium-sized businesses to qualify for support
  • Released new legal agreements and forms to support the Main Street Lending Program (through the Boston Fed)
  • Released its monthly update on outstanding lending facilities authorized under the Federal Reserve Act
• FDIC
  • Released a report that chronicles efforts the agency made to preserve and promote Minority Depository Institutions in 2019
• OCC:
  • Examiners are transitioning to more normal operations, Acting Comptroller says in op-ed
  • Issued a final rule addressing EGRPRA changes to employment contracts and mutual to stock conversions
• CFPB:
  • Released online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse

Capital markets

• SEC:
  • Announced its FinHub will launch and host virtual peer-to-peer meet ups
• CFTC:
  • Extended no-action relief through September 30 to market participants in response to COVID-19
  • Acknowledged and welcomed three European Commission Draft Delegated Acts addressing the supervisory oversight of third-country central counterparties  by the European Securities and Markets Authority
• FINRA:
  • Added two new rule codes related to Reg BI and Form CRS to report customer complaint information and documents

Other

• SBA and Treasury:
  • Released new forms and guidance implementing the PPP Flexibility Act
  • Announced upcoming new rules, guidance, and forms related to the PPP Flexibility Act
• FTC:
  • Made more state-level information publicly available about consumer complaints related to COVID-19; online shopping-related complaints tops list in most states
• NYDFS:
  • Launched a new program to support innovators seeking to deliver new solutions in financial services, Fintech, InsurTech, and HealthTech in the COVID-19 era
• NYRB:
  • Released its monthly Survey of Consumer Expectations, which shows small signs of improvement in consumers’ expectations compared to April

Industry news

• Former Treasury Officials Positioned to Shape Fintech From Private Sector
• $130 Billion in Small-Business Aid Still Hasn’t Been Used
• U.S. Treasury chief says considering more direct payments in next coronavirus aid bill
• Delay of Fed’s Main Street program hasn't hurt businesses, Powell says
• Twin-track solution for ‘tough legacy’ Libor falls flat
• COVID-19 and LIBOR Transition
• Digital banking's explosive growth compounds cyber risks, FBI warns

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