Highlights
- Ongoing focus on small businesses seen in attention to SBA PPP, including clarifications from SBA and CFPB, and SEC’s temporary guidance regarding crowdfunding offerings.
- SBA reports that through May 7, Round 2 of the SBA PPP has realized nearly 2.5 million new loans with $185 billion of the $310 billion allocated.
- Regulators are evaluating credit impacts of COVID-19 on retail and commercial borrowers.
Financial services regulatory and policy news
Banking
- April 2020 Senior Loan Officer Survey showed tightening of standards for all loans to households and significant tightening for C&I loan terms
FRB, May 4, 2020 - CFPB Data Point Report | COVID-19 effects on credit applications
CFPB, May 1, 2020 - CFPB issued clarifications regarding Regulation B and PPP applications
CFPB, May 6, 2020 - FRB extended compliance for certain parts of the SCCL rule
FRB, May 1, 2020 - FRB and OCC addressed question on the market risk capital rule and volatility
- FRB, OCC, May 1, 2020
- FRB, OCC, FDIC modified the LCR for MMLF and PPPLF participation
FRB, OCC, FDIC, May 5, 2020 - FRB and FDIC extended certain resolution plan due dates
FRB, FDIC, May 6, 2020
Capital markets
- SEC encouraged municipal issuers to disclose more about their financial and operating condition
SEC, May 4, 2020 - SEC provided temporary relief to small businesses to pursue expedited crowdfunding offerings
SEC, May 4, 2020 - SEC directed equity exchanges and FINRA to submit a new NMS plan with a "modernized governance structure" for the collection and dissemination of equity market data
SEC, May 6, 2020 - SEC Division of Corporation Finance released four COVID-19-related FAQs
SEC, May 4, 2020
Other
- SBA updated PPP Round 2 noting nearly 2.5 million loans and $185 billion allocated
SBA, May 7, 2020 - SBA issued guidance on whole loan sales of PPP loans
SBA, May 7, 2020 - FS Committee requested documentation from mortgage servicers related to forbearance requests
House Financial Services Committee, May 5, 2020 - FTC Report on consumer protection and Fair Credit Reporting Act
FTC, May 5, 2020 - ARRC sought supplemental public comment on its spread adjustment methodology for cash products
NY FRB, ARRC, May 4, 2020 - ARRC published best practices for vendor transitions to SOFR
NY FRB, ARRC, May 7, 2020 - FSB published consultation paper on resolution of central counterparties
Financial Stability Board, May 4, 2020
Industry news
- Latest worry for PPP lenders: Liability for loans they didn't make
American Banker, May 5, 2020 - Banks, borrowers still on fence about middle-market rescue plan
American Banker, May 4, 2020 - Post-Flash crash fixes bolstered markets during coronavirus selloff
WSJ, May 5, 2020 - Going-Concern opinions may be poised for a comeback
WSJ, May 7, 2020
