Highlights
- The SBA’s Paycheck Protection Program (PPP) re-commenced on April 27 with an additional $310 billion in funding following enactment of H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act. Treasury and SBA published multiple interim final rules for the PPP and stated they will review certain loans ahead of forgiveness.
- FRB expanded the Main Street Lending Program, including the addition of a new lending option, and modified loan terms; the program start date has not yet been set.
- Focus on credit facilities – FRB expanded the scope, including eligible participants and terms, of its credit facilities for municipalities and PPP participants.
Financial services regulatory and policy news
Banking
- FRB expanded the scope of the:
- Municipal liquidity facility
FRB, April 27, 2020 - Eligible participants in the PPPLF and the types of collateral that can be pledged
FRB, April 30, 2020 - Main Street Lending Program
FRB, April 30, 2020
- Municipal liquidity facility
- FRB and FDIC extended the comment period on resolution plan guidance for large foreign banks
FRB, FDIC, April 27, 2020 - CFPB:
- Issued an interim final rule on COVID-related modification and waiver requirements in TRID
CFPB, April 29, 2020 - Published its 2019 fair lending report
CFPB, April 30, 2020 - Published guidance on mortgage loan transfers
CFPB, April 24, 2020
- Issued an interim final rule on COVID-related modification and waiver requirements in TRID
- OCC issued guidance on documenting SBA PPP loans
OCC, April 27, 2020 - FFIEC members published a joint statement on security in a cloud computing environment
FRB, OCC, FDIC, CFPB, NCUA, CSBS, April 30, 2020
Capital markets
- SEC formed a temporary, internal, cross-divisional COVID-19 market monitoring group
SEC, April 24, 2020 - FINRA published a report covering initiatives for protecting senior investors between 2015 and 2020
FINRA, April 30, 2020
Other
- Treasury and SBA released interim final rules on the SBA’s PPP addressing:
- Corporate groups and non-bank and non-insured depository institution lenders
Treasury, SBA, April 29, 2020 - Disbursements
Treasury, SBA, April 28, 2020 - Seasonal employees
Treasury, SBA, April 27, 2020 - Promissory notes, authorizations, affiliations, and eligibility
Treasury, SBA, April 24, 2020
- Corporate groups and non-bank and non-insured depository institution lenders
- Treasury and SBA stated SBA will review loans of $2 million before forgiveness
Treasury, SBA, April 28, 2020 - FHFA clarified no lump sum required at end of forbearance
FHFA, April 27, 2020 - BIS Bulletin Paper | COVID-19 and corporate liquidity
Bank for International Settlement, April 28, 2020 - Basel Committee published a report on regulatory and supervisory initiatives for climate-related financial risks
BIS, April 30, 2020 - Basel Committee published report on principles for effective risk data aggregation and reporting
BIS, April 29, 2020
Industry news
- Justice Department sees early fraud signs in SBA loan flurry
Bloomberg, April 30, 2020 - Fed’s Powell says more spending will be needed from congress
WSJ, April 29, 2020 - U.S. Audits of Small-Business loans face daunting challenges
WSJ, April 28, 2020 - Tech issues hobble U.S. banks' mad grab for $310 billion in new small-business aid
Reuters, April 27, 2020
