COVID-19 Financial Institutions Resource Center

U.S. Financial Regulatory Actions and Guidance

October 23, 2020

As the situation with COVID-19 continues to evolve, we will be regularly updating this page to track the U.S. financial regulators’ response to the market turmoil and economic and financial risks caused by the virus.

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Below is a set of links to press releases and announcements from the U.S. financial regulatory agencies.

Cleary is also collecting the firm’s latest thinking on a range of coronavirus-related topics of particular importance to clients in our COVID-19 Resource Center.

Topics

Banking and Systemic Risk

  • October 23, 2020: The Federal Reserve Bank of New York announces the selection of additional counterparties to support the Commercial Paper Funding Facility (CPFF) and the Secondary Market Corporate Credit Facility (SMCCF) (link)

  • October 22, 2020: The Federal Reserve Bank of New York releases a revised Master Loan and Security Agreement (MSLA) and updated FAQs for the Term Asset-Backed Securities Loan Facility (TALF) (MSLA: link; FAQs: link)

  • October 8, 2020: The Federal Reserve issues periodic report to Congress on the Primary Dealer Credit Facility (PDCF), Money Market Mutual Fund Liquidity Facility (MMLF), CPFF, Primary Market Corporate Credit Facility (PMCCF), SMCCF, TALF, Municipal Liquidity Facility (MLF), Paycheck Protection Program Liquidity Facility (PPPLF), Main Street New Loan Facility (MSNLF), Main Street Expanded Loan Facility (MSELF), Main Street Priority Loan Facility (MSPLF), Nonprofit Organization New Loan Facility (NONLF) and Nonprofit Organization Expanded Loan Facility (NOELF) (link)

  • October 5, 2020: The Federal Reserve Bank of New York announces initiation of a competitive procurement process for vendor roles across several of the emergency lending facilities established under section 13(3) of the Federal Reserve Act and purchase of agency CMBS (link)

  • October 1, 2020: The Federal Reserve extends, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis to March 31, 2021 (link)

  • September 30, 2020: The Federal Reserve extends measures for banks with more than $100 billion in total assets to maintain capital resilience, prohibiting such banks from making share repurchases and capping dividend payments for the fourth quarter (link)

  • September 29, 2020: The Federal Reserve, FDIC, and OCC finalize rules that (1) temporarily defer appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions, and (2) neutralize the regulatory capital and liquidity effects for banks that participate in the MMLF, and PPPLF (link)

  • September 18, 2020: Federal Reserve updates its FAQs for the Main Street Lending Program to clarify the Federal Reserve’s and Treasury’s expectations regarding lender underwriting (link)

  • September 9, 2020: Federal Reserve Bank of New York announces new counterparties for the CPFF and SMCCF (link)

  • September 8, 2020: The Federal Reserve issues periodic report to Congress on the PDCF, MMLF, CPFF, PMCCF, SMCCF, TALF, MLF, PPPLF, MSNLF, MSELF, MSPLF, NONLF and NOELF (link)

  • September 4, 2020: The Federal Reserve announces that the Main Street Lending Program is fully operational for loans to nonprofit organizations and update the related FAQs and lender instructions (Announcement: link; FAQs: link; Lender instructions: link)

  • September 1, 2020: NYDFS issues guidance instructing regulated mortgage lenders and servicers not to charge consumers for mortgage default registration fees (link).

  • September 1, 2020: The Federal Reserve updates FAQs and Form of Independent Accountant’s Report on Agreed-Upon Procedures for CLOs for the TALF (FAQs: link; Form Report: link)

  • August 26, 2020: Federal Reserve, FDIC and OCC issue final rule lowering the community bank leverage ratio to 8% through 2020 and provide a gradual two-year transition back to the prior level (link)

  • August 26, 2020: Federal Reserve, FDIC and OCC issue final rule to provide a gradual phase-in of the automatic restrictions on capital distributions that result from dipping into capital buffers (link)

  • August 26, 2020: Federal Reserve, FDIC and OCC issue final rule providing optional extension of the regulatory capital transition for the CECL accounting standard (link)

  • August 11, 2020: The Federal Reserve reduces the interest rate spread on tax-exempt notes by 50 basis points and reduces the adjustments for taxable notes’ interest rate relative to tax-exempt notes for the Municipal Liquidity Facility (link)

  • August 10, 2020: The Federal Reserve issues periodic report to Congress on the PDCF, MMLF, CPFF, PMCCF, SMCCF, TALF, MLF, PPPLF, MSNLF, MSELF, MSPLF, NONLF and NOELF (link)

  • August 7, 2020: OCC reduces September 2020 assessment rate by calculating assessments based on the smaller asset value in a bank’s December 31, 2019 or June 30, 2020 (link)

  • August 5, 2020: The Federal Reserve issues periodic report to Congress on the MSPLF, MSNLF and MSELF (link)

  • August 4, 2020: OCC issues limited exception to the withdrawal period requirement for collective investment funds up to one year beyond the standard withdrawal period (link)

  • August 3, 2020: FFIEC issues a statement setting forth risk management and consumer protection principles when considering additional loan accommodations as initial COVID-19 loan accommodation periods end (link)

  • August 3, 2020: The Federal Reserve Bank of Boston publishes legal documents and forms for participating in the NOELF and NONLF (link)

  • July 31, 2020: The Federal Reserve issues periodic report to Congress on the PDCF, MMLF, PMCCF, SMCCF, TALF, PPPLF and Main Street Lending Program (“MSLP”) (link).

  • July 29, 2020: The Federal Reserve announces extensions to the temporary facility for repos on U.S. Treasuries (FIMA Repo Authority) through March 31, 2021 (link)

  • July 28, 2020: The Federal Reserve announces extension of its lending facilities and releases updated term sheets for the PDCF, MMFLF, PMCCF, SMCCF, TALF, PPPLF, MSPLF, MSNLF, MSELF, NOELF and the NONLF (link; PDCF Term Sheet: link; MMFLF Term Sheet: link; PMCCF Term Sheet: link; SMCCF Term Sheet: link; TALF Term Sheet: link; PPPLF Term Sheet: link; MSPLF Term Sheet: link; MSNLF Term Sheet: link; MSELF Term Sheet: link; NOELF Term Sheet: link; NONLF Term Sheet: link)

  • July 23, 2020: The Federal Reserve Board announces expansion of counterparties in the TASLF, SMCCF, and CPFF (link; CPFF Term Sheet: link; FAQs: link)

  • July 23, 2020: The Federal Reserve issues updated report to Congress on the NOELF and NONLF (NOELF: link; NONLF: link)

  • July 21, 2020: The Federal Reserve announces it will not increase prices for most payment services provided by the Federal Reserve Banks in 2021 (link)

  • July 17, 2020: The Federal Reserve expands the MSLP to include two new loan options for nonprofit organizations: the NOELF and NONLF (link; NOELF Term Sheet: link; NONLF Term Sheet: link)

  • July 15, 2020: The Federal Reserve extends its amendment to Regulation O to permit bank directors and shareholders to apply for PPP loans for their small businesses (link)

  • July 15, 2020: The Federal Reserve updates the MSLP FAQs (link

  • July 9, 2020: The Federal Reserve issues periodic report to Congress on the PDCF, MMLF, PMCCF, SMCCF, TALF, PPPLF, MLF, CPFF (link)

  • July 9, 2020: The Federal Reserve releases examination procedures for the credit reporting and mortgage servicing provisions of the CARES Act (link)

  • July 8, 2020: The Federal Reserve Bank of Boston publishes updated instructions for MSLP lenders (link)

  • July 6, 2020: The Federal Reserve issues periodic report to Congress on the MSPLF, MSNLF and the MSELF (link)

  • July 6, 2020: The Federal Reserve Bank of Boston announces that the MSLP is fully operational (link).

  • June 29, 2020: The Federal Reserve publishes updated term sheet and FAQs for the PMCCF to provide pricing and other information (Term sheet: link; FAQs: link)

  • June 27, 2020: The Federal Reserve issues updated report to Congress on the PMCCF, SMCCF, and TALF (link)

  • June 26, 2020: The Federal Reserve Bank of Boston releases updated FAQs for the MSLP (link)

  • June 23, 2020: CFPB issues interim final rule to provide servicers flexibility under Regulation X in offering certain COVID-19 related loss mitigation options for homeowners (link)

  • June 23, 2020: Federal Reserve, FDIC, NCUA, OCC, and state financial regulators issue interagency examiner guidance to promote consistency and flexibility in assessing safety and soundness considering the effect of the COVID-19 pandemic on financial institutions (link)

  • June 22, 2020: FDIC approves rulemaking that mitigates the deposit insurance assessment effects for banks participating in the PPP, the PPPLF, and the MMLF (link)

  • June 22, 2020: OCC approves interim final rule that will reduce assessments due to be paid to the OCC by banks on September 30, 2020 (link)

  • June 17, 2020: NYDFS encourages regulated financial institutions to take steps to protect New York consumers’ financial health by complying with the CARES Act, reporting missed credit payments or delinquent obligations as not due and promptly investigating disputes on the accuracy of any consumer credit information (link

  • June 17, 2020: NYDFS announces that all New York state-registered consumer credit reporting agencies have agreed to take certain steps to avoid negative impacts on consumer credit reports and credit scores (link)

  • June 17, 2020: OCC reminds state and local governments that federal law preempts state and local laws applied to OCC-regulated banks that impermissibly conflict with the exercise of federally authorized powers, require banks reports to state and local officials, or conflict with the real estate lending powers, amongst others (link)

  • June 15, 2020: Federal Reserve announces it will be seeking public feedback on expanding the MSLP to nonprofit organizations (link)

  • June 15, 2020: Federal Reserve updates the SMCCF, which will begin buying a diversified portfolio of corporate bonds based on a broad market index of qualifying bonds (link)

  • June 15, 2020:  Federal Reserve Bank of New York publishes updated FAQs for the TALF (link)

  • June 15, 2020:  The MSLP opens for lender registration (link)

  • June 15, 2020:  NYDFS extends periodic statement requirements for DFS-regulated mortgage servicers to August 14, 2020 (link)

  • June 15, 2020:  The Federal Reserve announces resumption of examination activities for all banks (link)

  • June 15, 2020:  The Federal Reserve issues periodic report to Congress on the MLF (link)

  • June 10, 2020: The Federal Reserve issues periodic report to Congress on the PDCF, the CPFF, the MMLF, and the PPPLF (link).

  • June 8, 2020: Federal Reserve expands the MSLP to allow more small and medium-sized businesses to receive support (link)

  • June 8, 2020: Federal Reserve Bank of New York publishes updated FAQs, required form agreements, and accounting guidance for determining collateral eligibility for the TALF (FAQs: link; Documents and Forms: link)

  • June 8, 2020: The Federal Reserve issues periodic report to Congress on the MSPLF, the MSNLF, and the MSELF (link)

  • June 4, 2020: CFPB provides temporary relief for credit card issuers by allowing electronic provision of certain disclosures required to be provided in writing under Regulation Z (link)

  • June 3, 2020: The Federal Reserve expands the number and type of eligible entities to direct use the Municipal Liquidity Facility (announcement: link; term sheet: link; FAQs: link)

  • May 29, 2020: The Federal Reserve issues updated report to Congress on the PMCCF, SMCCF, and TALF (link)

  • May 29, 2020: The Federal Reserve publishes facility agreements and legal engagement letters for the CPFF and the TALF (CPFF: link; TALF: link).

  • May 28, 2020: The CFTC approved an interim final rule to grant an extension of the compliance schedule for initial margin requirements for uncleared swaps (link).

  • May 27, 2020: The Federal Reserve Bank of Boston and Federal Reserve Board release updated FAQs and the required form agreements for the MSNLF, the MSELF and the MSPLF (Federal Reserve Bank of Boston: link; Federal Reserve Board: link)

  • May 27, 2020: The Federal Reserve, FDIC and OCC issue FAQs regarding Community Reinvestment Act considerations for activities in response to COVID-19 (link)

  • May 26, 2020: The Federal Reserve releases updated FAQs for the CPFF, PMCCF, Secondary Market Corporate Credit Facility (SMCCF), and MMLF (CPFF: link; PMCCF and SMCCF: link; MMLF: link)

  • May 26, 2020: The OCC issues interim final rule to permit national banks and federal savings associations to conduct board, shareholder and member meetings remotely (link)

  • May 22, 2020: CFPB released two no-action letter templates for mortgage servicers to assist borrowers to mitigate loss and for insured depository institutions to assist consumers seeking small-dollar loans (template for mortgage servicers: link; template for insured depository institutions: link)

  • May 20, 2020: Federal Reserve, FDIC, NCUA and the OCC release guidance to encourage banks, savings associations and credit unions to offer responsible small-dollar loans (link)

  • May 20, 2020: Federal Reserve Bank of New York announces that the first loan subscription date and closing date for the TALF will be June 17 and June 25, respectively (Subscription Date Announcement: link)

  • May 18, 2020: The Federal Reserve released sample application and form documents and certifications for the MLF (sample application: link; form documents and certifications: link).

  • May 15, 2020: The Federal Reserve issues updated report to Congress on the MLF, the MSNLF, the MSELF, and the PPPLF (link)

  • May 15, 2020: The Federal Reserve, FDIC and OCC announce a change to their supplementary leverage ratio rules to exclude U.S. Treasury securities and deposits at Federal Reserve Banks from the leverage calculation for insured depository institutions through March 31, 2021 (link; Statement by FDIC Chairman McWilliams: link; Statement by FDIC Director Gruenberg: link

  • May 15, 2020: CFPB and Conference of State Bank Supervisors releases a Consumer Relief Guide with borrower’s rights to mortgage repayment forbearance and foreclosure protection under the CARES Act (link)

  • May 15, 2020: The Federal Reserve releases a Notice of Interest for the MLF for eligible issuers to express interest in selling notes (link)

  • May 13, 2020: OCC publishes guidance regarding circumstances and procedures for community banks and federal savings association to change the date, time and locations of annual meetings (link)

  • May 12, 2020: FDIC proposes rulemaking that would mitigate the deposit insurance assessment effects for banks participating in the PPP, the PPPLF, and the MMLF (link)

  • May 12, 2020: The Federal Reserve releases updated Term Sheet covering borrower and collateral eligibility criteria for the TALF and outlines disclosure practices for the TALF and the PPPLF (press release: link; TALF term sheet: link)

  • May 11, 2020: Federal Reserve Bank of New York announces that the SMCCF will begin purchasing exchange-traded funds on May 12 from eligible primary dealers (link)

  • May 11, 2020: The Federal Reserve provides pricing information and clarifications on eligible issuers under the MLF (announcement: link; term sheet: link; FAQs: link)

  • May 11, 2020: CFPB issues a rule finalizing the exception for providing estimates for international remittance transfers under the CFPB’s Remittance Rule through July 2020 (link)

  • May 7, 2020: The Federal Reserve issues report to Congress on the MSPLF (link)

  • May 6, 2020:  CFPB issues FAQs about the treatment of PPP loan applications under the notice requirements of the Equal Credit Opportunity Act and Regulation B (link)

  • May 5, 2020: The Federal Reserve, FDIC and OCC announced an interim final rule that modifies the Liquidity Coverage Ratio to support banking organizations’ participation in the MMFL and the PPPLF (link)

  • May 4, 2020: The Federal Reserve and OCC issued guidance regarding backtesting adjustments permissible under the market risk capital rule in light of current market conditions (Federal Reserve: link; OCC: link)

  • April 30, 2020: The Federal Reserve expands eligible lenders and eligible collateral under the PPPLF (announcement: link; term sheet: link)

  • April 30, 2020:  The Federal Reserve expands the scope and eligibility for the MSLP (MSNLF term sheet: link; MSPLF term sheet: link; MSELF term sheet: link; FAQs: link)

  • April 30, 2020:  OCC, FDIC, the Federal Reserve and NCUA letters on COVID-19-related actions in response to Senator Crapo (OCC letter: link; FDIC letter: link; the Federal Reserve letter: link; NCUA letter: link)

  • April 29, 2020: CFPB issues an interpretive rules and FAQs to make it easier for consumers to obtain access to mortgage credit more quickly (link).

  • April 28, 2020: The Federal Reserve issues updated report to Congress on the PMCCF, SMCCF and TALF (link)

  • April 27, 2020: The Federal Reserve expands eligible participants for the MLF to include smaller counties and cities (announcement: link; term sheet: link; FAQs: link)

  • April 24, 2020: The Federal Reserve issues updated report to Congress on the PDCF, CPFF, and MMLF (link)

  • April 23, 2020: The Federal Reserve announces temporary adjustments to its Policy on Payment System Risk to increase the availability of intraday credit (link)

  • April 23, 2020: The Federal Reserve outlines the disclosure practices it will follow for its liquidity and lending facilities under the CARES Act (link)

  • April 20, 2020: Federal Reserve Bank of New York updates FAQs about the PDCF and posts collateral schedule reflecting the securities eligible for the PDCF and applicable margins (FAQs: link; collateral schedule: link)

  • April 17, 2020: The Federal Reserve amends Regulation O to permit bank directors and shareholders to apply for PPP loans for their small businesses (link)

  • April 16, 2020: NYDFS permits New York-chartered financial institutions to conduct required meetings virtually and extends the timing requirement for annual stockholder meetings (link)

  • April 16, 2020: Federal Reserve issues reports to Congress on the MLF, PPPLF, MSELF, and, MSNLF (MLF: link; PPPLF: link; MSELF: link; MSNLF: link)

  • April 16, 2020: Federal Reserve announces PPPLF is fully operational (link)

  • April 14, 2020: The Federal Reserve, FDIC and OCC release an interim final rule and interagency statement providing increased flexibility for meeting real-estate appraisal requirements under Federal regulations (link)

  • April 13, 2020: CFPB issues interpretive rule waiving certain requirements of the Electronic Fund Transfer Act and Regulation E for government pandemic-relief payments to consumers (link)

  • April 13, 2020: NYDFS guidance on areas of heightened cybersecurity risk related to COVID-19 (link)

  • April 10, 2020: CFPB extends temporary exception for providing estimates for international remittance transfers under the CFPB’s Remittance Rule through 2020 (link)

  • April 10, 2020: Federal Reserve Bank of New York posts vendor agreements related to operation of the CPFF (link)

  • April 9, 2020:  The Federal Reserve announces expansion of the size and scope of the PMCCF and SMCCF (announcement: link; PMCCF term sheet: link; SMCCF term sheet: link)

  • April 9, 2020:  The Federal Reserve expands eligible collateral for the TALF to include the triple-A rated tranches of certain legacy commercial mortgage-backed securities and newly issued collateralized loan obligations (announcement: link; term sheet: link)

  • April 9, 2020:  The Federal Reserve announces the PPPLF to extend credit to eligible financial institutions that originate PPP loans with the loans as collateral at face value (announcement: link; term sheet: link)

  • April 9, 2020:  The Federal Reserve announces the MSNLF and MSELF to enable eligible banks to originate new Main Street Loans or use Main Street loans to increase the size of existing loans to businesses, and seeks stakeholder feedback (announcement: link; MSNLF term sheet: link; MSELF term sheet: link; feedback form: link

  • April 9, 2020:  The Federal Reserve announces MLF to purchase short term notes directly from U.S. states and localities (announcement: link; term sheet: link)

  • April 7, 2020: FDIC approves inter-agency interim final rule to provide relief from risk based and leverage capital requirements for PPP loans pledged as collateral to the Federal Reserve’s PPP Lending Facility and assign a zero percent risk weight to PPP loans under risk based capital requirements (Memo: link; Rule: link). 

  • April 7, 2020: The Federal Reserve, FDIC, OCC, CFPB and NCUA issue a revised statement clarifying accounting and reporting for loan modifications under the CARES Act (link)

  • April 7, 2020: OCC supports FinCEN’s regulatory relief relating to CARES Act lending programs and BSA reporting obligations (link)

  • April 6, 2020: Federal Reserve announces establishment of facility to facilitate lending to small businesses via the SBA’s PPP (link)

  • April 6, 2020: Federal Reserve encourages financial institutions to consider relief available to small business borrowers through new programs administered by the SBA  (link)

  • April 6, 2020: Federal Reserve Bank of New York opens registration for the CPFF (link)

  • April 6, 2020: Federal Reserve delays implementation of changes to procedures for determining the maximum levels of daylight overdrafts of a U.S. branch or agency of a FBO (link)

  • April 6, 2020: Federal Reserve and FDIC lower the community bank leverage ratio to 8% through 2020 and provide two-quarter grace period for qualifying community banks whose leverage ratios fall no more than 1% below the applicable ratio (link)  

  • April 3, 2020: FinCEN provides guidance regarding compliance with Bank Secrecy Act obligations and relief from Currency Transaction Report filing obligations (update to March 16, 2020 guidance) (link)

  • April 3, 2020: Federal Reserve, CSBS, CFPB, FDIC, NCUA and OCC issue policy statement and guidance encouraging mortgage servicers to provide forbearance and repayment plans for consumers affected by COVID-19 (link)

  • April 2, 2020: OCC and FDIC encourage financial institutions to consider relief available to small business borrowers through new programs administered by the SBA (OCC: link; FDIC: link)

  • April 1, 2020: The Federal Reserve announces a temporary change to its supplementary leverage ratio rule to exclude U.S. Treasury securities and deposits at Federal Reserve Banks from the leverage calculation for depository institution holding companies through March 31, 2021 (link)

  • April 1, 2020: The CFPB issues guidance highlighting the responsibility of credit furnishers under the CARES Act and the CFPB’s flexible supervisory and enforcement approach for consumer reporting agencies and credit furnishers (link)

  • March 31, 2020: Federal Reserve, FDIC and OCC issue guidance on the overlapping extensions for compliance with the CECL accounting standard in the CARES Act and the agencies’ interim final rule (link; Interim final rule: link)

  • March 31, 2020: Federal Reserve joins the CFPB in providing relief from required quarterly reporting by mortgage lenders (link)

  • March 31, 2020: Federal Reserve announces it will delay the effective date for its revised control framework by six months to September 30 (link)

  • March 31, 2020: Federal Reserve announces establishment of FIMA Repo Authority (link; FAQs: link)

  • March 29, 2020: Federal Reserve issues reports to Congress on the establishment of the TALF, SMCCF and PMCCF (TALF: link; SMCCF: link; PMCCF: link)

  • March 27, 2020: FDIC statement providing banks with additional time to submit annual reports required by Part 363 of the FDIC’s rules (link)

  • March 27, 2020: Federal Reserve, FDIC, and OCC permit early adoption of the standardized approach for measuring counterparty credit risk (SA-CCR) rule and provide optional extension of the regulatory capital transition for the CECL accounting standard (link)

  • March 26, 2020: Federal Reserve, FDIC, OCC, NCUA and CFPB encourage financial institutions to offer responsible small-dollar loans to consumers and small businesses (link)

  • March 26, 2020: Federal Reserve offers FRY-9C and FR Y-11 reporting relief for small financial institutions (link)

  • March 26, 2020: FDIC Chairman McWilliams discusses the measures the FDIC is taking before the FSOC (link)

  • March 26, 2020: FSOC discusses market developments related to COVID-19 and updates on how agencies are responding to the financial and economic effects (link)

  • March 26, 2020: FDIC encourages parties to use its secure email portal to send information related to supervisory matters (link)

  • March 26, 2020: CPFB reiterates its guidance encouraging financial institutions to work with affected borrowers and states that it will work with affected financial institutions with respect to supervisory activities (link)

  • March 26, 2020: CFPB provides relief from reporting certain information relating to credit card and prepaid accounts (link

  • March 26, 2020: CFPB provides relief from required quarterly reporting by certain mortgage lenders (link)

  • March 25, 2020: FFIEC announces institutions may submit March 31 Call Reports within 30 days of the filing deadline (link)

  • March 25, 2020: FDIC, Federal Reserve, OCC, NCUA and CFPB to jointly host webinar addressing statements on loan modifications on March 27 at 2:00 PM (link)

  • March 25, 2020: Federal Reserve issues reports to Congress on the establishment of the MMLF, CPFF and PDCF (MMLF: link; CPFF: link; PDCF: link)   

  • March 25, 2020: Federal Reserve Bank of New York releases FAQ on the CPFF (link

  • March 24, 2020: NYDFS emergency regulation requires financial institutions to provide residential mortgage forbearance for 90 days and eliminate ATM fees, overdraft fees, and credit card late payment fees for New York residents who demonstrate financial hardships (link)

  • March 24, 2020: Federal Reserve announces adjustments to its supervisory approach to increase focus on monitoring, temporarily reduce examination activities, and extend time periods for remediating existing supervisory findings (link)

  • March 24, 2020: Federal Reserve announces six month delay in implementing planned policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of FBOs (link)

  • March 23, 2020:  Federal Reserve issuance of FOMC statement announcing that the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning (link)

  • March 23, 2020: Federal Reserve announcement of the PMCCF to provide liquidity to U.S. financial and nonfinancial businesses through loan and bond financing (Federal Reserve announcement: link; Treasury announcement: link; terms and conditions: link)

  • March 23, 2020: Federal Reserve announcement of the SMCCF to purchase bonds issued by U.S. companies with investment-grade debt ratings and certain U.S.-listed ETFs in the secondary market (Federal Reserve announcement: link; Treasury announcement: link; terms and conditions: link)

  • March 23, 2020: Federal Reserve announcement of the TALF to provide loans to U.S. companies that are secured by certain eligible consumer and small business asset-backed securities (Federal Reserve announcement: link; Treasury announcement: link; terms and conditions: link)

  • March 23, 2020: Federal Reserve announcement of expansion of the MMLF and CPFF to include a wider range of securities and reducing the pricing of CPFF (link; MMLF terms and conditions: link; CPFF terms and conditions: link)

  • March 23, 2020: Federal Reserve expects to announce soon the establishment of a Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses, complementing efforts by the SBA (link)

  • March 23, 2020: Federal Reserve issues an interim final rule making corresponding changes to the TLAC buffer requirement to more gradually phase in capital distribution restrictions that align with the changes to capital buffers adopted on March 17 (link)

  • March 22, 2020: OCC announces interim final rule authorizing banks to temporarily extend maturity limits of short-term investment funds (STIFs) and order extending the maturity limits for STIFs affected by the market effects of COVID-19 (interim final rule: link; order: link)

  • March 22, 2020: Statement from Treasury Secretary Mnuchin that critical infrastructure workers, including those in the financial services sector, are expected to maintain their operations and work schedules (link; press release: link; DHS guidance: link

  • March 22, 2020: Federal Reserve, CFPB, CSBS, FDIC, NCUA and OCC issue joint statement providing supervisory views on not categorizing COVID-19 related loan modifications as troubled debt restructurings and on past-due and nonaccrual regulatory reporting of loan modification programs (link)

  • March 21, 2020: Federal Reserve posts borrowing documentation for the MMLF (link)

  • March 21, 2020: NY governor orders it an unsafe and unsound practice for DFS-regulated banks to not grant forbearance on mortgages for NY consumers for a period of ninety days (link)

  • March 20, 2020:  Federal Reserve announcement expanding the eligibility criteria for the MMLF (link)

  • March 20, 2020:  Federal Reserve template letters defining the terms of temporary exemptions from Section 23A of the Federal Reserve Act permitting unidentified banks to purchase assets from affiliated money market mutual funds and broker dealers (money market mutual funds: link; broker-dealers: link)

  • March 19, 2020:  Federal Reserve established temporary U.S. dollar liquidity swap lines with the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, the Sveriges Riksbank (Sweden), the Danmarks National bank (Denmark), the Norges Bank (Norway) and the Reserve Bank of New Zealand (link)

  • March 19, 2020:  Federal Reserve, FDIC and OCC FAQs regarding the use of capital and liquidity buffers. (Federal Reserve FAQs: link)

  • March 19, 2020: Federal Reserve, FDIC and OCC technical amendment to capital rules to provide relief from risk-based capital and leverage rules for exposures acquired as part of the MMLF (link)

  • March 19, 2020:  Federal Reserve announcement that it is encouraged by banks’ increase in discount window borrowing (link)

  • March 19, 2020:  NYDFS announcement of Governor Cuomo’s executive order requiring mortgage payment forbearance, no negative reporting to credit bureaus, and waived bank fees (link)

  • March 19, 2020:  NYDFS guidance urging New York financial institutions to waive fees, provide new loans on favorable terms, increase credit limits and provide other accommodations to affected consumers and businesses (link)

  • March 19, 2020:  NYDFS guidance urging New York mortgage servicers to provide forbearance, refrain from reporting late payments and provide other forms of accommodation for affected mortgage borrowers (link)

  • March 18, 2020:  Federal Reserve announcement of the MMLF to provide liquidity to money market funds to help them meet redemption requests (Federal Reserve announcement: link; Treasury Secretary statement: link; FAQs: link; borrowing documents: link)

  • March 17, 2020:  Federal Reserve, FDIC and OCC joint statement reiterating their encouragement for banks to use their capital and liquidity buffers to support lending (link)

  • March 17, 2020:  Federal Reserve, FDIC and OCC technical amendment to capital rules to provide a gradual phase-in of the automatic restrictions on capital distributions that result from dipping into capital buffers (link)

  • March 17, 2020:  Federal Reserve announcement of the CPFF to provide a liquidity backstop to U.S. issuers of commercial paper (Federal Reserve announcement: link; Treasury Secretary statement: link; FAQs: link)

  • March 17, 2020:  Federal Reserve announced the establishment of the PDCF to provide liquidity through repo arrangements with primary dealers (Federal Reserve announcement: link; Treasury Secretary statement: link)

  • March 16, 2020:  Federal Reserve, FDIC, and OCC statement encouraging banks to borrow from the discount window (link)

  • March 16, 2020:  FDIC announcement of operational changes to protect banks and consumers by limiting on-site examinations and mandatory telework of FDIC employees (link; March 27 update: link)

  • March 15, 2020:  Federal Reserve issuance of FOMC statement announcing that the Federal Reserve will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion, and that the Committee is lowering its target range for the federal funds rate to 0-.25% (link)

  • March 15, 2020:  Federal Reserve announcement of additional actions to support the flow of credit to households and businesses, including by reducing reserve requirements and the rate of discount window borrowing and encouraging banks to use intraday credit from the Reserve Banks and to use their capital and liquidity buffers to support lending (link)

  • March 15, 2020:  Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank agreed to lower the pricing on the standing U.S. dollar liquidity swap arrangements and offer U.S. dollars in longer maturities (link)

  • March 13, 2020:  Federal Reserve, FDIC and OCC joint statement encouraging financial institutions to work with customers affected by the coronavirus (Federal Reserve: link, FDIC: link; OCC: link)

  • March 10, 2020:  NYDFS guidance and requests for assurance on operational preparedness and financial risks; guidance encouraging financial institutions to consider steps to assist affected businesses, such as waiving fees and easing credit terms (operational preparedness: link; financial risks: link; support for businesses: link)

  • March 10, 2020: NYDFS encourages DFS-regulated banks, credit unions and licensed lenders to offer payment extensions, waive fees and ease credit terms to assist NY businesses (link)

  • March 10, 2020:  Readout of a call by the President’s Working Group on Financial Markets to discuss updates on market conditions and activity in light of COVID-19 (link

  • March 9, 2020:  Federal Reserve, CFPB, FDIC, NCUA, OCC, CSBS statement encouraging financial institutions to meet the financial needs of customers and members affected by the coronavirus (link)

  • March 6, 2020: FFIEC guidance on business continuity planning related to pandemic preparedness (link)

  • March 3, 2020: Federal Reserve issuance of FOMC statement announcing that the Committee is lowering its target range for the federal funds rate to 1-1.25% (link)

  • February 28, 2020: Federal Reserve Chair Powell statement regarding monitoring of coronavirus-related economic disruptions (link)

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Securities and Derivatives Markets

  • October 5, 2020: The SEC publishes a staff report addressing, among other things, how the related interconnections in U.S. credit markets have operated during the COVID-19 pandemic (link)

  • September 11, 2019: The CFTC extends relief to Swap Execution Facilities (SEFs) and Designated Contract Markets (DCMs) from certain audit trail and recording requirements and members and registrants of SEFs and DCMs from certain recording and time stamping requirements until January 15, 2021 (link)

  • August 4, 2020: The SEC’s Division of Corporate Finance is providing a temporary secure file transfer process for the submission of supplemental materials pursuant to Securities Act Rule 418 and Exchange Act Rule 12b-4 and information subject to Rule 83 confidential treatment requests (link).

  • July 17, 2020: The CFTC announced that it has extended relief from submitting fingerprint cards for newly-listed principals or applicants for associated person registration provided that certain conditions are met until September 30, 2020 or until such earlier date as the NFA has resumed the processing of fingerprints (link).

  • July 15, 2020: The SEC’s COVID-19 Marketing Monitoring Group released its observations regarding credit assessments and credit rating agency downgrades (link).

  • June 23, 2020: SEC statement highlighting recent engagement with stakeholders on accounting, auditing and financial reporting issues and emphasizing continued importance of high-quality financial reporting for investors in light of COVID-19 (link)

  • June 22, 2020: SEC extends conditional relief through December 31, 2020 for funds from in-person board meeting requirements (link)

  • June 10, 2020: CFTC through September 30, 2020, certain elements of the no-action relief issued in response to COVID-19 that was set to expire on June 30, 2020 (link)

  • May 29, 2020: FINRA publishes regulatory notice on practices implemented by firms to transition to, and supervise in, a remote work environment (link)

  • May 22, 2020: CFTC advises the public about the unique risks associated with commodity ETPs and funds during COVID-19 (link)

  • May 13, 2020: SEC issues no-action relief to FINRA to issue technical or ministerial guidance related to the pandemic without complying with the Exchange Act’s rule approval requirements (link

  • May 13, 2020: SEC announcement regarding the status of interagency coordination and market analysis initiatives on the effects of COVID-19 (link)

  • April 24, 2020:  CFTC provides relief to registrants listing new principals and to applicants for registration as associated persons from the fingerprint card requirement (link)

  • April 24, 2020:  SEC forms an internal, cross-divisional COVID-19 Market Monitoring Group (link)

  • April 23, 2020:  CFTC’s Division of Swap Dealer and Intermediary Oversight announces additional no-action relief for FCMs and IBs with respect to the net capital treatment of PPP loans (link)

  • April 20, 2020: SEC exemptive orders extending the phased timeline of equity and options reporting by broker dealers pursuant to Regulation NMS’s Consolidated Audit Trail plan (link)

  • April 14, 2020:  SEC statement on the importance to update and deliver required information to investors in a timely manner consistent with investment companies’ disclosure obligations (link)

  • April 14, 2020:  SEC publishes FAQs about funds and advisers affected by COVID-19 (link)

  • April 10, 2020: CFTC extends comment periods for proposed rules by the Division of Market Oversight with comment periods started in January and February (link)

  • April 8, 2020: SEC Chairman statement requests that public companies provide forward looking disclosure regarding COVID-19 in their earnings releases and other communications to the marketplace (link)

  • April 8, 2020: SEC order temporarily expands flexibility for business development companies to issue senior securities and participate in coinvestments in order to enhance their ability to support portfolio companies (link)

  • April 3, 2020:  SEC assures banks that they will be deemed in compliance with U.S. accounting rules if they opt to delay implementation of CECL (link)

  • March 31, 2020: CFTC permits certain un-registered foreign affiliates of FCMs to accept and execute orders from U.S. persons in the event the FCM’s U.S. personnel are unable to handle order flow (link)  

  • March 27, 2020: SEC provides conditional relief from the FORM ID notarization requirement, certain Regulation A and Regulation Crowdfunding disclosure deadline, and Form MA annual update deadline (link)

  • March 26, 2020: FINRA provides firms with measures to strengthen cybersecurity controls in areas with increased risk (link)

  • March 26, 2020:  SEC provides no-action relief for certain registered open-ended investment companies (excluding MMMFs and ETFs) to sell debt securities to affiliates (link)

  • March 26, 2020: CFTC Chairman Talbert discusses CFTC’s response and health of the derivatives markets (link)

  • March 25, 2020: SEC extends filing periods for certain public company filing obligations by 45 days and extends regulatory relief previously provided to investment funds and investment advisers (public companies: link; investment funds: link; investment advisers: link)

  • March 25, 2020: SEC issues guidance on COVID-19-related disclosures and other securities law obligations in light of potential business and market disruptions (link

  • March 24, 2020: FINRA releases FAQs that provide temporary relief from certain FINRA rules and requirements for member firms (link)

  • March 24, 2020: SEC announces temporary exemptions to provide flexibility for registered funds to borrow funds from certain affiliates and to enter into certain other lending arrangements (link)

  • March 23, 2020: SEC Division of Enforcement Co-Directors emphasize the importance of controls against illegal securities trading on the basis of inside information given delays in earnings reports and other SEC required disclosure filings (link)  

  • March 22, 2020:  SEC provides registered transfer agents and certain other persons with conditional exemptive relief for requirements relating to processing securities transactions and corporate actions, maintaining records of investor ownership, and fingerprinting (link)

  • March 21, 2020:  SEC enables immediate effectiveness of proposed rule change to facilitate NYSE electronic auctions in light of temporary closure of physical trading floor (link)

  • March 20, 2020:  CFTC provides filing deadline relief to commodity pool operators (CPOs) (link)

  • March 20, 2020:  CFTC provides no action letter relief to an IDI to avoid MSP registration as a result of increased energy-related commodity swap activity to hedge COVID-related oil price volatility (link)

  • March 20, 2020:  SEC Chairman Clayton statement on the SEC’s coronavirus response efforts (link)

  • March 19, 2020:  SEC orders parties in pending administrative proceedings to submit all filings electronically to the extent possible (link)

  • March 19, 2020:  SEC provides conditional relief for registered open-end investment companies that are regulated as money market funds and their affiliated persons if such an affiliated person purchase securities from the fund (link)

  • March 18, 2020:  CFTC advises the public to be on alert for frauds seeking to profit from recent market volatility related to COVID-19 (link)

  • March 17, 2020:  CFTC provides relief to market participants from certain recording, timestamp, location, and annual compliance report requirements (link)

  • March 17, 2020:  CFTC provides relief to SEFs and DCMs from certain recording, annual compliance report, and audit trail and related requirements  (link)

  • March 14, 2020:  Cboe temporarily shifts to fully electronic trading (link)

  • March 13, 2020:  SEC staff guidance to provide flexibility for companies seeking to change meeting dates or locations or use of “virtual” meetings (link)

  • March 13, 2020:  SEC provides conditional relief for funds and advisers from certain filing and delivery requirements and in-person board meeting requirements (funds: link; advisers: link)

  • March 9, 2020:  FINRA issues guidance addressing member broker-dealers pandemic-related business continuity plans and providing relief from certain obligations in response to COVID-19  (link)

  • March 4, 2020:  The NFA encourages all members to review business continuity plans and ensure they include appropriate measures to address the coronavirus situation (link)

  • March 4, 2020:  SEC provides conditional 45-day extension to certain disclosure deadlines and IM staff recommends non-enforcement regarding certain in-person voting requirements for companies affected by COVID-19 (disclosure deadline: link; in-person voting: link)

  • February 19, 2020:  SEC emphasized the need for COVID-19 related disclosure in the notes to financial statements and welcomed issuer engagement on any need for guidance and reliefs (link)

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International Organizations

  • October 14, 2020: FSB published update on work in collaboration with the international standard setting-bodies to address market fragmentation and its effects on policy response to COVID-19  (link)

  • October 13, 2020: G7 Finance Ministers and Central Bank Governors issues statement on digital payments, noting rising threat of ransomware attacks targeting critical sectors amid the COVID-19 pandemic (link)

  • September 25, 2020: Basel Committee reiterates that banks should make use of the Basel III capital and liquidity buffers to absorb financial shocks and support the economy and reaffirms its expectation of full, timely and consistent implementation of all outstanding Basel III standards on the revised timeline (link)

  • September 21, 2020: IOSCO publishes final guidance addressing potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process (link)

  • September 5, 2020: The FSB extends the implementation timelines for minimum haircut standards for non-centrally cleared securities financing transactions to ease operational burdens on market participants and authorities due to COVID-19 (link)

  • July 15, 2020: The FSB published a letter setting out areas for the FSB to focus on during the COVID-19 pandemic to maintain financial stability (link)

  • July 1, 2020: The FSB released a statement recognizing that some aspects of firms’ global benchmark transition plans are likely to be temporarily disrupted or delayed due to COVID-19 (link).

  • July 1, 2020: The Financial Stability Board recognizes that some aspects of firms’ global benchmark transition plans are likely to be temporarily disrupted or delayed, but maintains its view that firms should continue their efforts to more widely use risk-free rates (link).

  • May 29, 2020:  IOSCO issues statement highlighting the importance to have timely and high-quality disclosure about COVID-19’s impact on issuers (link)

  • April 15, 2020:  FSB publishes report to G20 on international cooperation and coordination to address the financial stability implications from COVID-19 (link)

  • April 14, 2020:  FSB Chair releases letter highlighting the FSB’s ongoing efforts to respond to the COVID-19 crisis (link)

  • April 8, 2020: Basel Committee published Basel III monitoring results and announced delay in collecting next round of Basel III monitoring data (link)

  • April 8, 2020: IOSCO reprioritizes its work program to focus securities market regulatory challenges related to COVID-19 (link)

  • April 3, 2020:  The Basel Committee announced technical guidance regarding guarantees of financial sector liabilities, relief from margin requirements for non-centrally cleared derivatives, forbearance of data collection for the global systemically important banks annual assessment, and the importance of using expected credit loss accounting standards (link

  • April 2, 2020:  FSB members recommend health and safety authorities recognize certain financial service workers essential personnel to be permitted to work on-site to ensure continuity of critical financial services functions (link)

  • March 27, 2020: Governors and Heads of Supervision announce deferral of Basel III implementation by one year to increase operational capacity of banks and supervisors to respond to Covid-19 (link)

  • March 25, 2020: IOSCO statement on coordination of COVID-19 responses (link)

  • March 24, 2020: Statement of G7 Finance Ministers and Central Bank Governors supporting measures to provide liquidity support, expansionary fiscal and monetary policy, and flexibility for financial institutions to respond to COVID-19 (link)

  • March 20, 2020:  The Basel Committee announced suspension of consultation on policy initiatives and postponement of outstanding jurisdictional assessments and that it is considering additional measures to support the financial and operational resiliency of banks in response to COVID-19 (link)

  • March 20, 2020:  FSB members are coordinating actions, including financial policy responses to maintain financial stability in response to COVID-19 (link)

  • March 15, 2020: IMF policy statement on response to COVID-19, including recommendations for central bank, fiscal policy and regulatory actions (link)

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Others

  • October 21, 2020: FHFA approves an extension of the current temporary policy allowing for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria until November 30, 2020 (link)

  • October 19, 2020: FHFA announces that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until November 30, 2020 (link)

  • October 13, 2020:  FinCEN issues advisory on COVID-19-related unemployment insurance fraud, associated financial red flag indicators, and information on reporting suspicious activity (link)

  • September 24, 2020: FHFA announces that Fannie Mae and Freddie Mac will extend buying qualified loans in forbearance and several loan origination flexibilities until October 31, 2020 (link)

  • August 26, 2020: FHFA announces that Fannie Mae and Freddie Mac will extend buying qualified loans in forbearance and several loan origination flexibilities until September 30, 2020 (link)

  • August 27, 2020: FHFA announces that Fannie Mae and Freddie Mac will extend the moratoriums on single-family foreclosures and real estate owned evictions until at least December 31, 2020 (link)

  • August 8, 2020: FHFA announced that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a new or modified forbearance agreement due to COVID-19 financial hardship must inform tenants in writing about tenant protections during such forbearance and repayment periods (link)

  • July 31, 2020: FHFA extends temporary policy allowing for the purchase of certain single-family mortgages in forbearance by Fannie Mae and Freddie Mac (link)

  • July 30, 2020: FinCEN issues guidance on COVID-19 related malicious cyber activity and scams, associated financial red flag indicators, and information on reporting suspicious activity (link)

  • July 9, 2020: FHFA extends loan origination flexibilities for Fannie Mae and Freddie Mac customers until August 31, 2020 (link).

  • July 7, 2020: FinCEN issued an advisory to alert financial institutions to potential indicators of imposter scams and money mule schemes, which are two forms of consumer fraud observed during the COVID-19 pandemic (link)

  • July 9, 2020: FHFA extends several loan origination flexibilities until August 31, 2020 (link)

  • July 7, 2020: FinCEN issues advisory on imposter scams and money mule schemes related to COVID-19 (link)

  • June 17, 2020: FHFA extends foreclosure and eviction moratorium on Enterprise-backed, single-family mortgages until August 31, 2020 (link)

  • June 16, 2020: CFPB releases FAQs on credit reporting requirements of the CARES Act (link)

  • June 15, 2020:  FHFA announces that it will re-propose updated minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers incorporating lessons learned from COVID-19 (link)

  • June 11, 2020: FHFA extends until July 31 relief from several loan origination procedures offered by Fannie Mae and Freddie Mac (link)

  • May 20, 2020: FHFA announces guidance for when borrowers in forbearance or who have recently ended forbearance can refinance or buy a new home and extends the purchase of certain single-family mortgages in forbearance by Fannie Mae and Freddie Mac to June 30 (link)

  • May 14, 2020: FHFA announces that Fannie Mae and Freddie Mac are extending the moratorium on foreclosures and evictions until June 30, 2020 (link)

  • May 13, 2020: FinCEN announces their intent to issue additional guidance covering risks of fraud and money laundering related to the pandemic (link)

  • May 13, 2020: FHFA announces a new repayment option offered by Fannie Mae and Freddie Mac that would allow borrowers to defer repayment of mortgage payments until a home is sold, refinanced or at maturity (link)

  • May 13, 2020: CFPB releases FAQs and statements regarding billing error resolution practices for credit card issuers, and circumstances for financial institutions to change account terms for consumer deposit and prepaid accounts (link)

  • May 12, 2020:  CFPB, FHFA, & HUD launch joint mortgage and housing assistance website for Americans Impacted by COVID-19 (link)

  • May 5, 2020: FHFA extended several loan origination flexibilities until at least June 30 currently offered by Fannie Mae and Freddie Mac designed to help borrowers (link)

  • April 23, 2020:  FHFA announces that Federal Home Loan Banks may accept PPP loans as collateral when making loans to their members (link)

  • April 22, 2020: FHFA approves the purchase of certain single-family mortgages in forbearance by Fannie Mae and Freddie Mac (link)

  • April 21, 2020:  FHFA announces plans regarding servicers’ obligations to advance mortgage payments for loans in forbearance and instructions regarding maintaining loans in forbearance in mortgage-backed securities pools (link)

  • April 15, 2020:  CFPB and FHFA establish the Borrower Protection Program to share information regarding mortgage servicing (link)

  • April 1, 2020: The Financial Action Task Force issues guidance on application of risk-based anti-money laundering laws in light of COVID-19, including importance of continued surveillance for financial crime and adapting to digital delivery of financial services (link)

  • March 31, 2020: FHFA authorizes several alternatives for processing loans for Fannie Mae and Freddie Mac that permit social distancing (link)

  • March 23, 2020: FHFA directs Fannie Mae and Freddie Mac to offer mortgage forbearance for multifamily property owners that stop evictions for renters impacted by COVID-19 (link)

  • March 23, 2020: FHFA authorizes Fannie Mae and Freddie Mac to enter into additional dollar roll transactions to provide additional liquidity to mortgage-backed securities investors (link)

  • March 23, 2020: FHFA directs Fannie Mae and Freddie Mac to provide alternatives for performing required home appraisals and verifying a borrower’s employment through May 17, 2020 (link

  • March 20, 2020: NACHA provides relief during the national emergency for delays in sending Proofs of Authorization and Statements of Unauthorized Debit by ACH member institutions (link)

  • March 18, 2020: HUD directs mortgage servicers to suspend foreclosures and evictions for FHA-insured Title II Single Family Forward and Home Equity Conversion mortgages for 60 days  (link)

  • March 18, 2020: FHFA directs Fannie Mae and Freddie Mac to suspend foreclosures and evictions for homeowners with Fannie- or Freddie-backed single-family mortgages for 60 days  (link)

  • March 16, 2020: FinCEN requests institutions contact FinCEN and their functional regulators with concerns about delays in filing BSA-required reports and warns of illicit behavior connected to COVID-19 (link)

  • March 9, 2020: NACHA reminds institutions to review business continuity plans to ensure maintenance of ACH payment processing capabilities in the event of possible workforce disruptions (link)

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Related Alert Memos

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