PH CLIENT ALERTS

Click here to read more from our Coronavirus series.

CONGRESS

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

U.S. SENATE

COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP

Chairman Rubio Requests Information from SBA about Reports of Fraud in the EIDL Program

November 13, 2020

U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, sent a letter to Jovita Carranza, Administrator of the U.S. Small Business Administration (SBA), requesting information from the SBA following a recent Inspector General report that found billions of dollars in potential fraud in the expanded Economic Injury Disaster Loan program for COVID-19. 

FEDERAL AGENCIES

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT/FEDERAL HOUSING ADMINISTRATION

FHA Publishes Annual Report to Congress on the Single Family Mutual Mortgage Insurance Fund

November 13, 2020

The Federal Housing Administration (FHA) released its fiscal year 2020 annual report covering the financial status of the Mutual Mortgage Insurance Fund and its Single Family insurance programs, highlighting FHA’s emphasis on helping homeowners financially impacted by the COVID-19 pandemic.

FEDERAL HOUSING FINANCE AGENCY

FHFA Further Extends COVID-Related Loan Flexibilities

November 13, 2020

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until December 31, 2020 to ensure continued support for borrowers during the ongoing COVID-19 pandemic. The flexibilities were set to expire on November 30, 2020. 

INTERNATIONAL

EUROPEAN BANKING AUTHORITY

EBA Publishes the Methodology for the 2021 EU-Wide Stress Test

November 13, 2020

The European Banking Authority (EBA) published the final methodology, draft templates and template guidance for the 2021 EU-wide stress test along with the key milestones of the exercise. The methodology and templates include some targeted changes compared to the postponed 2020 exercise, such as the recognition of FX effects for certain P&L items, and the treatment of moratoria and public guarantees in relation to the COVID-19 crisis. The stress test exercise will be launched in January 2021 with the publication of the macroeconomic scenarios and the results published by July 31, 2021.

BANK OF ENGLAND PRUDENTIAL REGULATION AUTHORITY

Letter to General Insurance Firms: Insights from PRA Review Work on Reserving and Exposure Management

November 13, 2020

The Bank of England released a letter to chief risk officers of Prudential Regulation Authority (PRA)-regulated general insurance firms titled “Insights from PRA Review Work on Reserving and Exposure Management.” In the letter, the PRA shares insights from its recent supervision review work across the general insurance sector focusing on reserving and exposure management, including some observations on contract uncertainty in light of COVID-19.

UK FINANCIAL CONDUCT AUTHORITY

Statement on Certain FCA Work in Light of Coronavirus and Changing Market Conditions

November 13, 2020

The Financial Conduct Authority (FCA) provided an update on work that it intends to either stop or postpone in light of the ongoing impact of coronavirus and economic conditions. Such changes will allow the FCA to focus its resources on its most urgent work where it can make the most immediate difference to consumers and markets.

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