Washington Report 360 | June 26, 2020

FRB stress test results; Rule amending Volcker Rule finalized; PPP updates; Increasing focus on payments

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • FRB stress test results show that “banks can remain strong in the face of even the harshest shocks;” FRB will require large banks to suspend share repurchases and cap dividend payments in the third quarter and to resubmit their capital plans to reflect the “current stresses.”
  • Five federal agencies finalized a rule amending the covered funds provisions of the Volcker Rule, including changes to the treatment of foreign funds and permissions to engage in certain fund-related activities.
  • Ongoing updates to the Paycheck Protection Program with announced plans to publish PPP borrower information for loans over $150,000, members of Congress asking for disclosure of all borrower data, the launch of an investigation into PPP funds disbursement by the House Select Subcommittee, and SBA/Treasury release of new interim final rules.
  • Increasing focus on payments, including new tools and materials for classifying fraudulent activity, BIS report on payments in the digital era, and NY DFS virtual currency initiatives.

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