- Ongoing attention to the Paycheck Protection Program with the release of interim final rules governing the loan forgiveness process and legislation in the House that would modify terms of the program including extending the covered period from 8 to 24 weeks, changing the payroll restrictions from 75 percent to 60 percent, and increasing the loan term from two to five years. The legislation has moved to the Senate for consideration.
- Focus on FRB’s Main Street Lending Program with release of lender and borrower forms and agreements by the Federal Reserve Bank of Boston; the launch date has not been announced but is expected within the next week.
- SEC highlights that one or more ESG issues can be material to investment decisions but cautions on a single combined rating/score.
- Fannie Mae and Freddie Mac launched websites containing their LIBOR Transition Playbook and FAQs to help lenders and investors plan for the shift to alternative reference rates, including discontinuing LIBOR-indexed products by the end of 2020.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- SBA & Treasury:
- BIS & FSB:
- NYSE’s floor reopens with masks, coronavirus waivers and handshake ban
- Mortgage credit tightens, creating drag on any economic recovery
- Millions of PPP loan-forgiveness requests are about to rain on banks
- Questions persist after release of new small-business loan rules
- Coronavirus: Life on the front lines of the federal small business loan program
- Pot banking rules grow hazier during pandemic
- Leveraged loans dodge existential threat In New York court (judge dismissed claims that leveraged loans were securities)