Highlights
- Updated PPP loan forgiveness applications were released by SBA and Treasury, including a new “EZ” form for certain borrowers.
- FRB credit facilities-related activities increase including lender registration for the Main Street Lending Program, and new bond purchases under the SMCCF.
- SEC confirmed the June 30 compliance date for Regulation Best Interest and Form CRS while also highlighting areas of focus in the “current conditions,” including retirement account rollovers and withdrawals, complex or risky products, COVID-related products, special purpose acquisition corporations (SPACs) and other structured investment vehicles.
- Increased consumer protections efforts include extending the moratoriums on foreclosures and evictions by Fannie Mae, Freddie Mac, and the FHA, as well as efforts by CFPB and NYDFS to address concerns about negative impacts to consumer credit reports as a result of COVID-19.
Financial services regulatory and policy news
- Banking
- FRB
- Opened the Main Street Lending Program to lender registration; purchases to begin "soon" (through Boston Fed)
- Sought comment on two proposed credit facilities for nonprofits under the Main Street Lending Program
- Updated FAQs for the Term Asset-Backed Securities Loan Facility (TALF) (through NY Fed)
- Announced a new set of tools to classify fraudulent activity related to payments
- OCC:
- FDIC:
- CFPB:
- FRB
- Capital markets
- Other
- SBA and Treasury:
- NY DFS:
- FHFA:
- HUD:
