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.
Financial services regulatory and policy news
- Banking
- Federal banking agencies (FRB, OCC, FDIC):
- Finalized, with SEC and CFTC, the covered funds provisions of the Volcker Rule
- Issued examiner guidance, with NCUA and state financial regulators, for assessing safety and soundness considering COVID-19
- Finalized a rule, with FCA and FHFA, amending the swap margin rule
- Released the list of distressed or underserved nonmetropolitan middle-income geographies
- Finalized, with SEC and CFTC, the covered funds provisions of the Volcker Rule
- FRB:
- FDIC:
- CFPB:
- Issued two NPRMs to address the impending expiration of the GSE Patch
- Issued an interim final rule on loss mitigation for COVID-19-related financial hardship
- Issued an interpretive rule providing guidance on its method for determining underserved areas
- Announced the availability of 2019 HMDA mortgage lending data
- Released a data point report on 2019 mortgage market activity and trends
- Federal banking agencies (FRB, OCC, FDIC):
- Capital Markets
- Other
- U.S. Supreme Court:
- Congress:
- SBA and U.S. Treasury:
- BIS:
- NY DFS:
