Highlights
- Congress passed, and the President has signed into law, the Paycheck Protection Program Flexibility Act, which eases provisions of the PPP related to forgiveness. The bill became effective upon the President’s signature and applies to all PPP loans.
- Ongoing attention to the FRB’s Municipal Lending Facility, with expanded eligibility, new FAQ guidance, and proposed fee waivers from the MSRB.
- DOJ updated its guidance on evaluating compliance programs; attention to ongoing and continuous investment in the compliance program and updates based on data analysis and lessons learned.
Financial services regulatory and policy news
Banking
- FRB:
- OCC:
- Issued a final rule clarifying that when banks sell or otherwise transfer a loan, permissible interest before the transfer continues to be permissible after the transfer
- Published an ANPR seeking comment on its regulations governing digital activities
- Proposed updates to its "Activities and Operations" regulations
- Issued a final rule clarifying that when banks sell or otherwise transfer a loan, permissible interest before the transfer continues to be permissible after the transfer
- Federal banking agencies (FRB, OCC, FDIC):
- CFPB:
Capital markets
- SEC:
- CFTC:
- FINRA:
Other
- Congress:
- FHFA:
- MSRB:
- DOJ:
Industry news
- Tips to SEC surge as working from home emboldens Whistleblowers
- Slow economic recovery could squeeze smaller lenders
- DOL fiduciary rule reboot lands at Omb
- U.S. small business program handed out virus aid to many borrowers twice
- Fed's massive 'Main Street' business rescue in danger of fizzling
- US banks can use Libor in upcoming loan program for small, mid-sized businesses, Fed says
- How lenders are preparing for a wave of loan modifications
- Wall street selief tops regulator’s agenda after virus response
