Washington Report 360 | March 27, 2020

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.

Financial services regulatory and policy news

Banking

• Federal banking agencies (FRB, OCC, FDIC):
  • Permitted early adoption of SA-CCR and extension of the CECL impact on regulatory capital 
    FRB, OCC, FDIC, March 27, 2020
  • CFPB, NCUA, and CSBS all issued a Statement on Loan Modifications
    FRB, CFPB, FDIC, NCUA, OCC, CSBS, March 22, 2020
  • CFPB and NCUA jointly encouraged responsible small-dollar lending
    FRB, CFPB, FDIC, NCUA, OCC, March 26, 2020
  • Provided a grace period for March 31 call report
    OCC, March 25, 2020
• FRB:
  • Addressed market strains for treasury securities and agency MBS
    FRB, March 23, 2020
  • Established three new facilities to support credit and liquidity
    FRB, March 23, 2020
  • Issued interim final rule revising "eligible retained income" under its TLAC rule
    FRB, March 23, 2020
  • Announced a delay for changes to its payment system risk policy
    FRB, March 24, 2020
  • Provided temporary changes to its supervisory approach; large banks still required to submit capital plans
    FRB, March 24, 2020
• OCC:
  • Issued new Comptroller's Handbook on Interest Rate Risk
    OCC, March 26, 2020
  • Revised short-term investment fund rule for national banks acting in fiduciary capacity
    OCC, March 22, 2020
  • Issued guidance for essential critical infrastructure workers in financial services consistent with CISA
    OCC, March 25, 2020
  • FDIC requested 2019 diversity self-assessments from FDIC-regulated institutions
    FDIC, March 23, 2020
  • CFPB published its annual report on the fair debt collection practices act
  • FTC summary of FDCPA enforcement
    CFPB, FTC, March 20, 2020
  • CFPB postponed some data collections on bureau-related rules
    CFPB, March 26, 2020

Capital markets

• SEC:
  • Provided relief for certain filings for EDGAR, crowdfunding, and municipal advisers
    SEC, March 26, 2020
  • Enabled NYSE proposal for electronic auctions to be immediately effective
    SEC, March 21, 2020
  • Provided regulatory relief for registered transfer agents and certain other persons
    SEC, March 22, 2020
  • Provided flexibility to registered investment companies regarding lending arrangements
    SEC, March 23, 2020
  • Extended exemptions from reporting and proxy delivery requirements for certain public companies, funds, and investment advisers
    SEC, March 25, 2020
• CFTC approved final interpretive guidance involving certain digital assets
  CFTC, March 24, 2020
• FINRA released cybersecurity measures to consider during COVID-19
  FINRA, March 26, 2020

Other

• The CARES Act became law, providing economic relief related for COVID-19
  Congress.gov, March 27, 2020

Related content