Insight

Washington Report 360 | June 19, 2020

PPP loan forgiveness; FRB credit facilities; Reg BI compliance date; Increased consumer protection efforts

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

+1 919-664-7302

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.

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