Insight

Washington Report 360 | March 27, 2020

CARES Act passed; ongoing regulatory response to COVID-19; interim final rul on CECL

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

+1 919-664-7302

Key Highlights

  • The House and Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) providing more than $2 trillion in assistance related to COVID-19; nearly $350 billion was provided for small business lending and another $450 billion was made available to support the Federal Reserve’s credit and liquidity facilities.
  • Ongoing regulatory response to COVID-19, including regulatory relief actions related to certain SEC filing requirements, CALL Report submissions, and FRB’s supervisory approach.
  • An interim final rule from the federal banking agencies allows banking organizations that implement CECL before the end of 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, followed by a three-year transition period.

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