- An initial Congressional review found that billions of dollars of PPP loans may involve fraud, waste or abuse. The report recommends enhanced oversight of PPP loan forgiveness, including internal controls and audit programs.
- CDC published an order temporarily halting residential evictions through December 31, 2020 for persons meeting certain requirements; the order does not provide financial relief for tenants or landlords.
- Ongoing focus on the transition away from LIBOR with CFTC no-action letters and ARRC RFP.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Extended the comment period on proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance
- Issued an updated “Other Real Estate Owned” booklet in the Comptroller’s Handbook
- Issued a report examining the early effects of the COVID-19 pandemic on consumer credit
- Reminded firms of their supervisory responsibilities related to the Consolidated Audit Trail
- Ordered a temporary halt to residential evictions for certain persons through the end of the year
- Released a preliminary analysis of the SBAs PPP finding a need for more oversight
- Signed an MOU with the State of Delaware to foster cooperation between OFAC and the Delaware Department of Justice particularly related to trade and economic sanctions
- Entered into an anti-trust cooperation framework with the US DOJ and Canada, Australia, New Zealand, and UK
- Proposed to clarify ERISA fiduciary duties for proxy voting and exercises of other shareholder rights
- Announced public listening sessions on re-proposed Fannie Mae and Freddie Mac capital rules
- NY DFS:
- Released an RFP seeking firms to publish daily indicative spreads, static spreads, and spread-adjusted fallback rates for cash products that transition away from LIBOR
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