Financial Regulatory Agency Actions in Response to COVID-19 July 31, 2020 (actions through July 29, 2020) Organized by agency
Davis Polk & Wardwell LLP
Financial Regulatory Agency Actions Related to COVID-19
INTERAGENCY ...... - 1 - FEDERAL RESERVE ...... - 7 - OCC ...... - 12 - FDIC...... - 15 - FFIEC...... - 17 - CFPB ...... - 18 - FHFA, Fannie Mae and Freddie Mac ...... - 21 - SEC...... - 24 - CFTC ...... - 33 - NYDFS Actions and Related Governor Cuomo Announcements ...... - 36 - Governor Cuomo NY State Orders ...... - 41 - Mayor De Blasio NYC Orders ...... - 43 -
This chart reflects Federal Agency and New York State actions as of July 29, 2020. This chart does not include any pending legislation at the state or federal level. It also does not include information on the programs established by the CARES Act (PPP) or any of the Federal Reserve Programs. That information can be found in a companion chart, available upon request. For any questions, comments or corrections please contact Margaret Tahyar at [email protected], Eric Lewin at [email protected] or Justin Levine at [email protected].
INTERAGENCY
Item Announcement Title Description Link Agencies Category Number Date
1. February 19, 2020 Joint Statement: Joint statement on issuers fulfilling Joint Statement SEC and PCAOB Guidance on Effects of the financial reporting obligations, Public Disclosure Coronavirus on considering coronavirus-related Financial Reporting disclosures and reminding issuers of SEC general policy to grant relief from filing deadlines where appropriate.
2. March 9, 2020 Agencies Encourage Joint release encouraging financial News Release Fed, CFPB, FDIC, Guidance on Financial Institutions institutions to meet the financial NCUA, OCC and Supervisory to Meet Financial needs of customers and members Conference of Approaches Needs of Customers and stating agencies will provide State Bank and Members appropriate regulatory assistance. Supervisors Affected by Coronavirus
3. March 16, 2020 Federal Banking Joint release encouraging banks to News Release Fed, OCC and Liquidity Agencies Encourage use the Federal Reserve’s FDIC Banks to Use Federal “discount window.” Statement Reserve Discount Window
4. March 17, 2020 Federal Banking Joint release announcing interim News Release Fed, OCC and Capital Agencies Provide final rule designed to facilitate the FDIC Banks Additional use of firms’ capital and liquidity Statement Also categorized Flexibility to Support buffers to promote lending activity in chart under: Households and to households and businesses. Liquidity Businesses
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5. March 19, 2020 Federal Bank Joint release announcing interim News Release Fed, OCC and Capital Regulatory Agencies final rule regarding capital FDIC Issue Interim Final treatment of MMLF activities. Interim Final Rule for Money Rule Market Liquidity Facility
6. March 19, 2020 Pandemic Planning: Joint release announcing public News Release Fed, OCC and Capital Joint Questions and Q&A about interim final rule FDIC Answers Regarding modifying rules on the use of Q&A Also categorized Statement About the capital and liquidity buffers. in chart under: Use of Capital and Liquidity Liquidity Buffers
7. March 19, 2020 Pandemic Planning: Joint statement encouraging News Release Fed, OCC and Guidance on Joint Statement on financial institutions to work with FDIC Supervisory Community affected customers and Joint Statement Approaches Reinvestment Act communities, particularly those that Consideration for are low- and moderate-income. Activities in Response to COVID-19
8. March 22, 2020 Agencies Provide Joint statement encouraging News Release Fed, FDIC, NCUA, Guidance on Additional Information financial institutions to work CFPB, OCC and Supervisory to Encourage constructively with borrowers Interagency Conference of Approaches (Loan Financial Institutions affected by COVID-19 and Statement State Bank Modifications) to Work with providing additional information Supervisors Borrowers Affected regarding loan modifications. by COVID-19
9. March 26, 2020 Federal Agencies Joint statement encouraging News Release Fed, FDIC, NCUA, General Consumer Encourage Banks, offering responsible small-dollar OCC and CFPB Relief (Lending) Savings Associations loans. Interagency and Credit Unions to Statement Offer Responsible Small-Dollar Loans to Consumers and Small Businesses
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Affected by COVID- 19
10. March 27, 2020 Agencies Announce Joint statement (i) allowing early News Release Fed, OCC and Capital Two Actions to adoption of a new methodology on FDIC Support Lending to how certain banking organizations April 22 Final Households and are required to measure Rule Businesses counterparty credit risk derivatives contracts (SA-CCR), and (ii) providing an optional extension of the regulatory capital transition for the new credit loss accounting standard (CECL). Final rule revising transition to CECL methodology issued on April 22, 2020.
11. March 31, 2020 Joint Statement on Joint statement to clarify the News Release Fed, FDIC and Capital Interaction of the interaction between the Revised OCC Regulatory Capital Transition of the Current Expected Joint Statement Rule: Revised Credit Losses Methodology for Transition of the Allowances interim final rule (CECL CECL Methodology IFR) and the Coronavirus Aid, for Allowances with Relief, and Economic Security Act Section 4014 of the (CARES Act) for purposes of Coronavirus Aid, regulatory capital requirements. Relief, and Economic Security Act
12. April 2, 2020 Agencies will Extension for comments deadline News Release Fed, CFTC, FDIC, Delayed consider comments (from April 1 to May 1) on proposal OCC, SEC Rulemaking on Volcker rule to modify the Volcker rule's Comment modifications "covered funds" prohibition. Deadline (Volcker) following expiration of comment period
13. April 3, 2020 Federal Agencies Joint statement providing no-action News Release Fed, CFPB, FDIC, Guidance on Encourage Mortgage relief for mortgage servicers acting NCUA, OCC and Supervisory Servicers to Work Conference of Approaches With Struggling
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Homeowners in good faith regarding delayed Interagency State Bank (Mortgage Affected by COVID- notices and loss mitigation actions. Statement Supervisors Servicing) 19
14. April 6, 2020 Agencies Announce Joint release announcing two News Release Fed, OCC and Capital Changes to the interim final rules to implement FDIC Community Bank Section 4012 of the CARES Act to Interim Final Leverage Ratio temporarily lower the community Rule 1 bank leverage ratio to 8 percent. Interim Final Rule 2
15. April 7, 2020 Agencies Issue Joint statement clarifying the News Release Fed, CFPB, FDIC, Guidance on Revised Interagency interaction between the interagency OCC and NCUA Supervisory Statement on Loan statement regarding loan Interagency Approaches Modifications by modifications issued on March 22, Statement Financial Institutions 2020, and the temporary relief (Revised) Working with provided by Section 4013 of the Customers Affected CARES Act. by the Coronavirus
16. April 9, 2020 Federal Bank Joint release announcing interim News Release Fed, OCC and Capital Regulators Issue final rule regarding capital effects of FDIC Interim Final Rule for participating in the Federal Interim Final Paycheck Protection Reserve's PPP facility. Rule Program Facility
17. April 14, 2020 Federal Banking Joint release announcing interim News Release Fed, CFPB, FDIC, General Consumer Agencies to Defer final rule to temporarily defer real OCC and NCUA Relief (Real Appraisals and estate-related appraisals and Interim Final Estate) Evaluations for Real evaluations. Rule Estate Transactions Affected by COVID- Interagency 19 Statement
18. April 15, 2020 CFPB and FHFA Announcement of Borrower News Release CFPB and FHFA General Consumer Announce Borrower Protection Program, a new joint Relief Protection Program initiative that enables CFPB and FHFA to share servicing information to protect borrowers
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during the coronavirus national emergency.
19. April 22, 2020 Current Expected Announcement of final rule that News Release Fed, OCC and Capital Credit Losses: Final makes technical changes to March FDIC Rule With Technical 27, 2020 interim final rule that Final Rule Changes to Interim allowed certain banks to delay the Final Rule estimated impact on regulatory capital stemming from the implementation of CECL.
20. May 1, 2020 Market Risk: Joint Joint response to public question News Release Fed and OCC Capital Response About the relating to an increase in the Effect of Recent number of backtesting exceptions FAQ Financial Market and the capital implications under Volatility on the the market risk capital rule (12 CFR Market Risk Capital 3, subpart F). Rule
21. May 5, 2020 Federal Bank Joint release announcing interim News Release Fed, OCC and Liquidity Regulatory Agencies final rule to modify the agencies’ FDIC Modify Liquidity Liquidity Coverage Ratio (LCR) rule Interim Final Coverage Ratio For to support MMLF and PPP Rule Banks Participating in activities. Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility
22. May 6, 2020 Agencies Extend Two Joint announcement extending the News Release Fed and FDIC Sui Generis Resolution Plan submission date by 90 days, to Actions Deadlines September 29, 2020, for the resolution plans from Barclays, Credit Suisse, Deutsche Bank, and UBS and by 90 days, to September 29, 2021, for the targeted resolution plans from the large foreign and domestic banks in Category II and
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Category III of the agencies' large bank regulatory framework.
23. May 15, 2020 Regulators Joint release announcing interim News Release Fed, OCC and Capital Temporarily Change final rule to temporarily change to FDIC the Supplementary the supplementary leverage ratio Interim Final Leverage Ratio to rule. Rule Increase Banking Organizations' Ability to Support Credit to Households and Businesses In Light of the Coronavirus Response
24. May 15, 2020 CFPB, CSBS Issue Joint consumer relief guide News Release CFPB Foreclosure Consumer Guide on detailing borrowers’ rights to Moratorium / Mortgage Relief mortgage payment forbearance and Consumer Relief CSBS Mortgage Options foreclosure protection under the Guide Forbearance federal CARES Act.
25. May 20, 2020 Small-Dollar Lending: Joint statement building upon the News Release Fed, FDIC, OCC General Consumer Interagency Lending March 26, 2020 joint statement and NCUA Relief (Lending) Principles for Offering regarding offering small-dollar Principles Responsible Small- loans. Statement Dollar Loans
26. May 27, 2020 Community FAQs that expand upon News Release Fed, FDIC and General Consumer Reinvestment Act information provided in prior Joint OCC Relief (CRA) (CRA) Consideration Statement (issued on March 19, FAQs for Activities in 2020) regarding CRA Response to the consideration for coronavirus Coronavirus activities. Frequently Asked Questions (FAQs)
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27. June 4, 2020 CFPB and State Joint guidance to mortgage News Release CFPB and CSBS Foreclosure Regulators Provide servicers to assist in complying with Moratorium / Additional Guidance the CARES Act provisions granting Guidance Mortgage to Assist Borrowers a right to forbearance to consumers Forbearance Impacted by the impacted by the COVID-19 COVID-19 Pandemic pandemic.
28. June 23, 2020 Federal and state Joint examiner guidance to promote News Release Interagency: Fed, Guidance on regulatory agencies consistency and flexibility in the FDIC, NCUA, Supervisory issue examiner supervision and examination of Guidance OCC, State Approaches guidance for financial institutions affected by the Financial assessing safety and COVID-19 pandemic. Regulators soundness considering the effect of the COVID-19 pandemic on financial institutions
29. July 1, 2020 Agencies provide Letter providing information for Joint Press Interagency: Fed, Guidance on largest firms with targeted resolution plans due July Release FDIC Supervisory information for next 1, 2021. Plans will be required to Approaches resolution plans include information on how each Targeted firm has integrated changes to and Resolution Plan lessons learned from its response Template Letter to the coronavirus into its resolution planning process.
FEDERAL RESERVE
Item Announcement Title Description Link Category Number Date
1. March 13, 2020 Supervisory Practices Guidance on supervisory practices regarding 2020 Supervision Guidance on Regarding Financial financial institutions affected by coronavirus, and Regulation Supervisory Institutions Affected by encouraging financial institutions to review Letter Approaches Coronavirus
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guidance previously issued in 2013 with respect to 2013 Supervision major disasters or emergencies. and Regulation Letter
2. March 23, 2020 Federal Reserve Board Interim final rule providing for more gradual phase- Press Release Capital announces technical in of automatic restrictions on distributions for use change to support the U.S. of total loss absorbing capacity (TLAC) buffers. Interim Final economy and allow banks Rule to continue lending to creditworthy households and businesses
3. March 24, 2020 Federal Reserve provides Additional information to financial institutions on Press Release Guidance on additional information to how the Fed’s supervisory approach is adjusting Supervisory financial institutions on how in light of the coronavirus. Statement Approaches its supervisory approach is adjusting in light of the coronavirus
4. March 26, 2020 Federal Reserve offers Announcement of no-action relief for financial Press Release Delayed/Relaxed regulatory reporting relief to institutions with $5 billion or less in total assets Reporting small financial institutions submitting March 31, 2020 FR Y-9C or FR Y-11 Requirement affected by the coronavirus filings up to 30 days after the official filing due date.
5. March 27, 2020 Identification of Essential Letter informing supervised financial institutions Supervision and Guidance on Critical Infrastructure and their service providers that the Regulation Letter Supervisory Workers in the Financial Cybersecurity and Infrastructure Security Approaches Services Sector During the Agency (CISA) of the Department of Homeland COVID-19 Response Security has identified essential critical infrastructure workers in the financial services sector.
6. March 31, 2020 Federal Reserve Board Delay to revised Bank Holding Company Act Press Release Sui Generis announces it will delay by “control” framework (until September 30, 2020). Actions six months the effective date for its revised control framework
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7. March 31, 2020 Home Mortgage Disclosure Announcement of no-action relief for failure to Community Delayed/Relaxed Act (HMDA) Quarterly report the quarterly Home Mortgage Disclosure Affairs Letter Reporting Reporting during the Act (HMDA) data. Requirement COVID-19 Pandemic (Mortgage)
8. April 1, 2020 Federal Reserve Board Interim final rule provides temporary SLR Press Release Capital announces temporary modifications to allow banks to expand balance change to its sheets. Interim Final Rule supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to provide credit to households and businesses
9. April 6, 2020 Small Business Letter to inform supervised financial institutions Supervision and Guidance on Administration (SBA) and about several forms of relief available to small Regulation Letter Supervisory Treasury Small Business businesses affected by COVID-19 as a result of Approaches Loan Programs the CARES Act. (CARES Act)
10. April 8, 2020 Federal Reserve Board Due to the extraordinary disruptions from the Press Release Sui Generis announces, due to the coronavirus, the Fed announced that it will Actions extraordinary disruptions temporarily and narrowly modify the growth Amendment of from the coronavirus, that it restriction on Wells Fargo so that it can provide Consent Order will temporarily and additional support to small businesses. narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses
11. April 17, 2020 Federal Reserve Board Amendment to Regulation O to temporarily permit Press Release Guidance on announces rule change to certain bank directors and shareholders to apply to Supervisory bolster the effectiveness of their banks for PPP loans for their small Interim Final Rule Approaches (PPP) the Small Business businesses. Exception extended on July 15 to Administration's Paycheck apply to PPP loans made through August 8, 2020. July 15 Press Protection Program Release
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July 15 Interim Final Rule Extension
12. April 24, 2020 Regulation D: Reserve Fed interim final rule amending reserve Interim Final Rule Liquidity Requirements of Depository requirements rule (Reg. D) to delete the six-per- Institutions month limit on certain kinds of transfers and withdrawals that may be made each month from “savings deposits.”
13. April 30, 2020 Federal Reserve Board Extension of public comment period (through June Press Release Sui Generis announces the public 4, 2020) for the notice by Morgan Stanley to Actions comment period has been acquire E*TRADE Financial Corporation, in light extended through June 4, of ongoing challenges from the coronavirus 2020, for the notice by Morgan Stanley of New York, New York, to acquire E*TRADE Financial Corporation of Arlington, Virginia
14. June 15, 2020 Federal Reserve Board Announcement that the Federal Reserve Board is Press Release Guidance on announces it will resume resuming examination activities for all institutions Supervisory examination activities for all supervised by the Federal Reserve, including Statement Approaches banks, after previously financial institutions with total consolidated assets announcing a reduced of less than $100 billion. March 24 Press focus on exam activity in Release light of the coronavirus response
15. June 25, 2020 Federal Reserve Board Announcement releasing the results of the Board’s News Release Capital releases results of stress stress tests for 2020 and additional sensitivity tests for 2020 and analyses that it conducted in light of the Dodd-Frank Act additional sensitivity coronavirus event. The sensitivity analysis Stress Test 2020: analyses conducted in light assessed the resiliency of large banks under a V- Supervisory of the coronavirus event shaped recession and recovery; a slower, U- Stress Test shaped recession and recovery; and a W-shaped, Results double-dip recession. Statement by Vice Chair for
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Supervision Quarles
Statement by Governor Brainard
July 24, 2020 FAQs
16. July 7, 2020 Examination Procedures for Announcement of examination procedures for the Consumer Affairs Guidance on the Coronavirus Aid, Relief, credit reporting and mortgage servicing provisions Letter Supervisory and Economic Security Act of the CARES Act. Approach (Credit (CARES Act) Examination Reporting) Procedures (CARES Act)
Also categorized in chart under: Foreclosure Moratorium / Mortgage Forbearance 17. July 21, 2020 Federal Reserve Board to Announcement of the intent to maintain the current News Release Guidance on maintain the current schedule schedule of prices for most payment services that Supervisory of prices for most payment the Federal Reserve Banks provide to depository Approach services that the Federal institutions (priced services) in 2021. Reserve Banks provide to depository institutions in 2021
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OCC
Item Announcement Title Description Link Category Number Date
1. March 13, 2020 Pandemic Planning: OCC encourages banks to take steps to meet the Bulletin Guidance on Working With Customers financial services needs of customers adversely Supervisory Affected by Coronavirus affected by COVID-19-related issues and will Approaches and Regulatory Assistance provide appropriate regulatory assistance, as warranted.
2. March 20, 2020 Licensing Filings: Use of Bulletin recommending the use of electronic Bulletin Physical/In-Person Electronic Methods for methods for submitting licensing filings to the OCC to Electronic Submission of Licensing during the COVID-19 pandemic. Filings
3. March 22, 2020 OCC Revises Short-Term Announcement of interim final rule to revise the News Release Other Relaxed Investment Fund Rule short-term investment fund (STIF) rule for national Regulatory banks acting in a fiduciary capacity and order Federal Register Requirements extending the maturity limits for STIFs affected by Notice the market effects of COVID-19. Order
4. March 25, 2020 Pandemic Planning: Consistent with the March 19, 2020, Cybersecurity Bulletin Guidance on Essential Critical and Infrastructure Security Agency (CISA) Supervisory Infrastructure Workers in guidance and the U.S. Department of the Approaches the Financial Services Treasury's March 24, 2020, press release, the Sector OCC encourages essential critical infrastructure workers to maintain normal work schedules during the COVID-19 emergency response.
5. April 2, 2020 Small Business Statement encouraging banks to consider Bulletin Guidance on Administration Lending: prudently using SBA programs and notice that the Supervisory New Programs for Small OCC will not criticize banks’ efforts to assist small Approaches Business Relief business borrowers who have been affected by (Small Business)
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financial or operational challenges due to COVID- 19.
6. April 7, 2020 Bank Secrecy Act/Anti- Statement supporting FinCEN’s regulatory relief Bulletin Guidance on Money Laundering: OCC under the risk-based approach to BSA compliance, Supervisory Supports FinCEN’s including exempting from beneficial ownership FinCEN Notice Approaches (BSA) Regulatory Relief and Risk- requirements new loans extended to existing Based Approach for customers under the CARES Act’s PPP. Financial Institution Compliance in Response to COVID-19
7. April 24, 2020 COVID-19 Financial Statement reminding banks that the OCC has Bulletin Guidance on Support Programs: Visitorial exclusive visitorial authority over them. Supervisory Authority Approaches
8. May 12, 2020 Corporate Governance: Bulletin discussing the considerations for banks Bulletin Physical/In-Person Annual Meetings and the and federal savings associations that are to Electronic COVID-19 Emergency considering changes to the date, time, or location of their annual meetings.
9. May 26, 2020 Director, Shareholder, and Interim final rule that amends 12 CFR 5 and 7 to Bulletin Physical/In-Person Member Meetings: Interim clarify that national banks and federal savings to Electronic Final Rule associations may permit telephonic and electronic Interim Final Rule participation at all board of directors, shareholder, and, as applicable, member meetings.
10. June 1, 2020 OCC Sounds Warning In letters to the National League of Cities, the U.S. News Release Guidance on About Effects of COVID-19 Conference of Mayors and the National Supervisory 'Lockdowns' on Banking Association of Governors, the Acting Comptroller Letter to U.S. Approaches System of the Currency urged mayors and governors to Conference of consider the adverse impact of long-term regional Mayors economic shutdown on the nation's banks when making their decisions (including that wearing masks could “create the very real risk of increases in bank robberies”).
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11. Updated June 4, Coronavirus Disease 2019 Web page providing FAQs for OCC-regulated FAQ Page Guidance on 2020 (COVID-19) Frequently institutions. Supervisory Asked Questions for Approaches National Banks and Federal Savings Associations
12. June 17, 2020 COVID-19 Relief Programs: Announcement reminding stakeholders that banks Bulletin Guidance on Preemption are governed primarily by uniform federal Supervisory standards and generally are not subject to state Approaches law limitations, such as those concerning foreclosure moratoriums and mortgage Foreclosure forbearance. Moratorium / Mortgage Forbearance
13. June 22, 2020 OCC Interim Final Rule Interim final rule that will reduce assessments due News Release Other Relaxed Reduces Assessments in to be paid to the OCC on September 30, 2020. Regulatory Response to COVID-19 Assessments will be calculated using the Interim Final Rule Requirements December 31, 2019 call report for each institution, rather than the June 30, 2020 call report.
14. June 29, 2020 OCC Highlights Key Risks for Semi-annual report on the key issues facing the News Release Guidance on Federal Banking System federal banking system and the effects of the Supervisory COVID-19 pandemic on the federal banking Report Approaches industry.
15. July 1, 2020 Extension of the Swap Margin Interim final rule extending swap margin rule News Release Other Relaxed Rule Compliance Dates: compliance deadlines due to the COVID-19 Regulatory Interim Final Rule pandemic. Interim Final Rule Requirements
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FDIC
Item Announcement Title Description Link Category Number Date
1. March 13, 2020 Regulatory Relief: Working Financial Institution Letter encouraging financial News Release Guidance on with Customers Affected by institutions to take prudent steps to assist Supervisory the Coronavirus customers and communities affected by COVID-19 Financial Approaches and providing guidance on how to close facilities. Institution Letter Office Closings
2. March 19, 2020 Frequently Asked FAQs for (i) financial institutions and (ii) customers. News Release Guidance on Questions: For Financial The FAQs address a variety of issues that may Supervisory Institutions and Consumers arise as financial institutions work with customers Financial Approaches Affected by the Coronavirus and communities affected by COVID-19. Institution Letter
3. March 19, 2020 FDIC Chairman Urges Letter to FASB urging a delay in transitions to and News Release Delayed/Relaxed FASB to Delay Certain exclusions from certain accounting rules, including Reporting Accounting Rules Amid related to troubled debt restructuring classifications Letter Requirement Pandemic and CECL.
4. March 26, 2020 Identification of Essential Letter explaining that The Cybersecurity and News Release Guidance on Critical Infrastructure Infrastructure Security Agency (CISA) issued Supervisory Workers During the COVID- guidance identifying financial services sector Financial Approaches 19 Response Efforts workers as essential critical infrastructure workers Institution Letter during the COVID-19 response emergency.
5. March 26, 2020 Temporary Alternative Announcement encouraging financial institutions News Release Physical/In-Person Procedures for Sending and other parties to use alternative procedures to Electronic Supervision-Related Mail (e.g., FDICconnect) to send the agency official Financial and Email to the FDIC mail related to supervisory matters and to use Institution Letter secure email to send official supervisory correspondence.
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6. March 27, 2020 The FDIC Announces a 30- Consistent with FFIEC March 25 release, News Release Delayed/Relaxed Day Grace Period for the announcement providing no-action relief for filing Reporting Call Report for the First Call Reports within 30 days after official filing Financial Requirement Quarter of 2020 deadline. Institution Letter
7. March 27, 2020 FDIC Updates Steps to Announcement that all FDIC employees are News Release Physical/In-Person Protect Banks and engaged in mandatory telework through at least to Electronic Consumers and to Continue April 12 and that supervisory activities at financial Financial Operations institutions will be conducted off-site through April Institution Letter 12.
8. March 27, 2020 Statement on Part 363 Statement providing no-action relief for filing Part News Release Delayed/Relaxed Annual Reports in 363 Annual Report within 45 days of report filing Reporting Response to the deadline and affirming that OCC, Fed and state Financial Requirement Coronavirus regulator staff have confirmed FDIC treatment of Institution Letter annual reports.
9. April 2, 2020 Revised: New SBA and Announcement encouraging financial institutions to News Release Guidance on Treasury Programs use the new SBA and Treasury programs enacted Supervisory Available for Small pursuant to the CARES Act (e.g., PPP). Financial Approaches Business Relief Institution Letter (CARES Act Programs) 10. April 3, 2020 FDIC Extends Comment In light of COVID-19, FDIC announced that it will News Release Delayed Period on Modernizing extend the public comment period for its proposed Rulemaking Brokered Deposit rule to modernize its brokered deposit regulations Comment Restrictions by 60 days. Deadline
11. May 12, 2020 Proposed Rulemaking to Proposed rulemaking that would mitigate the News Release Other Relaxed Mitigate the Deposit deposit insurance assessment effects of Regulatory Insurance Assessment participating in PPP, PPPLF and MMLF. June 22 News Requirements Effects of Participation in Release the Paycheck Protection Program (PPP), the PPP Financial Lending Facility, and the Institution Letter Money Market Mutual Fund Liquidity Facility
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12. Updated May 27, Frequently Asked Questions FAQs for financial institutions affected by COVID- FAQs Guidance on 2020 for Financial Institutions 19. Supervisory Affected by COVID-19 Approaches
13. June 22, 2020 FDIC Issues Final Rule to Final rule that mitigates the deposit insurance News Release Other Relaxed Mitigate the Deposit assessment effects of participating in PPP, PPPLF Regulatory Insurance Assessment and MMLF. Final Rule Requirements Effect of Participation in the (CARES Act Paycheck Protection Statement by Programs) Program (PPP), the PPP Chairman Liquidity Facility, and the McWilliams on Money Market Mutual Fund Final Rule Liquidity Facility May 12 News Release
FFIEC
Item Announcement Title Description Link Category Number Date
1. March 06, 2020 FFIEC Highlights Pandemic Updated guidance identifying actions that financial Press Release Guidance on Preparedness Guidance institutions should take to minimize the potential Supervisory adverse effects of a pandemic. Statement Approaches
2. March 25, 2020 Financial Regulators Announcement that FFIEC members, who met as Press Release Guidance on Highlight Coordination and a group on March 24, are actively discussing and Supervisory Collaboration of Efforts to identifying appropriate measures, both Approaches Address COVID-19 collaboratively and individually, to maintain safety and soundness while protecting consumers. Members note that banks and credit unions of all sizes have built up substantial levels of capital and liquidity over the last decade, positioning them well to support the needs of households and businesses.
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CFPB
Item Announcement Title Description Link Category Number Date
1. March 18, 2020 CFPB Director Kraninger Statement commending HUD and FHFA News Release Foreclosure Statement on Joint HUD- moratorium on foreclosures and evictions in Moratorium / FHFA Announcement on response to COVID-19. Mortgage Foreclosure and Eviction Forbearance Moratorium
2. March 26, 2020 CFPB Provides Flexibility Statement that the Bureau is postponing some News Release Delayed/Relaxed During COVID-19 Pandemic data collections from industry on Bureau-related Reporting rules (e.g., info required under HMDA, Reg C, Requirement TILA, Reg Z, Reg E, Section 1071 of DFA and Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act).
3. April 1, 2020 CFPB Issues Credit Policy statement outlining the responsibility of News Release General Reporting Guidance During credit reporting companies and furnishers during Consumer Relief COVID-19 Pandemic the COVID-19 pandemic. Policy Statement
4. April 10, 2020 Consumer Financial Policy statement providing no-action relief News Release General Protection Bureau regarding remittance transfers and disclosures of Consumer Relief Announces Guidance on estimated, rather than actual, exchange rates. Statement Remittance Transfers Final rule issued on May 11, 2020. During COVID-19 Pandemic May 11 Final Rule
5. April 13, 2020 Consumer Financial Interpretive rule under Regulation E and Electronic News Release General Protection Bureau Paves Fund Transfer Act to make it easier for consumers Consumer Relief Way for Consumers to to receive pandemic relief payments authorized in Interpretive Rule Receive Economic Impact the CARES Act through prepaid accounts. Payments Quicker
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6. April 16, 2020 Consumer Financial Final rule raising the loan-volume coverage News Release Delayed/Relaxed Protection Bureau Issues thresholds for financial institutions reporting data Reporting Final Rule Raising Data under the Home Mortgage Reporting Act (HMDA). Final Rule Requirement Reporting Thresholds Under the Home Mortgage Final Rule Disclosure Act Summary
7. April 29, 2020 CFPB Paves Way for Interpretive rule clarifying that consumers can News Release General Consumers Facing exercise their rights to modify or waive certain Consumer Relief Financial Emergencies to required waiting periods under the TILA-RESPA Interpretive Rule (Mortgage) Obtain Access to Mortgage Integrated Disclosure Rule and Regulation Z Credit More Quickly rescission rules. FAQs
8. May 6, 2020 Consumer Financial Clarifying FAQs for small businesses applying for News Release Guidance on Protection Bureau Issues PPP loans regarding the Equal Credit Opportunity Supervisory Clarifications to Support Act and Regulation B. FAQs Approaches (Fed Small Business Applying for Programs FAQs) PPP Loans
9. May 11, 2020 Consumer Financial Final rule covering remittances transfers. Allows News Release General Protection Bureau Issues certain banks and credit unions to continue to Consumer Relief Final Remittance Rule1 provide estimates of the exchange rate and certain Final Rule fees under certain conditions. Intended to further provide regulatory certainty that will continue to enable consumers to send money to their family and friends overseas during the pandemic and beyond.
10. May 13, 2020 Consumer Financial Statement and FAQs outlining the billing error News Release General Protection Bureau Outlines responsibilities of credit card issuers and other Consumer Relief Responsibilities of Financial open-end non-home secured creditors during the Statement Firms During Pandemic COVID-19 pandemic. Also encourages financial firms to provide assistance to consumers by Payments and waiving fees, lowering minimum-balance Deposits Rules requirements, and implementing changes in FAQs account terms that benefit consumers.
1 Not directly pandemic-related.
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Open-End Rules FAQs
11. May 19, 2020 CFPB to Provide Additional Announcement that CFPB will provide an News Release Delayed Extension of Comment additional 60 days for the public to comment on its Rulemaking Period for Supplemental Supplemental Notice of Proposed Rulemaking on Federal Register Comment Notice of Proposed time-barred debt disclosures as a result of the Notice Deadline Rulemaking on Time Barred COVID-19 pandemic. Debt
12. May 21, 2020 Consumer Financial Report analyzing the complaints received during May 21 News General Protection Bureau Issues the COVID-19 pandemic. Updated report released Release Consumer Relief Consumer Complaint on July 16, 2020. Bulletin July 16 News Release
July 16 Report
13. May 22, 2020 CFPB Takes Action to Help Two No-Action Letter Templates: (i) NAL template News Release Foreclosure Struggling Homeowners for mortgage servicers seeking to assist struggling Moratorium / Seeking Mitigation Efforts; borrowers to avoid foreclosure and engage in loss NAL Template 1 Mortgage Consumers Seeking Small- mitigation efforts to apply for their own NAL and (ii) Forbearance Dollar Loans NAL template that insured depository institutions NAL Template 2 can use to apply for a NAL covering their small- dollar credit products.
14. June 3, 2020 Consumer Financial Statement providing flexibility under Reg Z for News Release Physical/In-Person Protection Bureau Takes credit card issuers regarding electronic provision of to Electronic Action to Help Consumers certain disclosures (relating to account-opening Statement Receive Relief from Credit and temporary rate or fee reduction) required to be Card Issuers in writing.
15. June 23, 2020 CFPB Issues Interim Final Interim final rule clarifying that mortgage servicers News Release Foreclosure Rule on Loss Mitigation do not violate Regulation X by offering certain Moratorium / Options for Homeowners COVID-19-related loss mitigation options based on Interim Final Rule Mortgage Recovering from Pandemic- an evaluation of limited application information Forbearance Related Financial Hardships collected from the borrower.
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FHFA, Fannie Mae and Freddie Mac
Item Announcement Title Description Link Category Number Date
1. March 10, 2020 Statement from FHFA Statement reminding mortgage servicers that News Release Foreclosure Director Mark Calabria on hardship forbearance is an option for borrowers Moratorium / Coronavirus who are unable to make their monthly mortgage Mortgage payment. Forbearance
2. March 18, 2020 FHFA Suspends Statement directing Fannie Mae and Freddie Mac News Release Foreclosure Foreclosures and Evictions to suspend foreclosures and evictions for at least Moratorium / for Enterprise-Backed 60 days due to the coronavirus national Mortgage Mortgages emergency. Forbearance
3. March 23, 2020 FHFA Authorizes the Authorization to help support immediate needs for News Release Liquidity Enterprises to Support liquidity in the secondary mortgage market. Allows Additional Liquidity in the Fannie Mae and Freddie Mac to enter into Secondary Mortgage additional dollar roll transactions (dollar roll Market transactions provide mortgage-backed securities investors with short-term financing of their positions, providing liquidity to these investors).
4. March 23, 2020 FHFA Directs Enterprises to Announcement directing Fannie Mae and Freddie News Release Physical/In-Person Grant Flexibilities for Mac to provide alternative flexibilities to satisfy to Electronic Appraisal and Employment appraisal requirements and employment Verifications verification requirements through May 17, 2020.
5. March 23, 2020 FHFA Moves to Provide Announcement that Fannie Mae and Freddie Mac News Release Foreclosure Eviction Suspension Relief will offer multifamily property owners mortgage Moratorium / for Renters in Multifamily forbearance with the condition that Fannie and Mortgage Properties Freddie suspend all evictions for renters unable to Forbearance pay rent due to the impact of coronavirus.
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6. April 22, 2020 FHFA Announces that Approval of the purchase of certain single-family News Release Foreclosure Enterprises will Purchase mortgages in forbearance that meet specific Moratorium / Qualified Loans in eligibility criteria by Fannie Mae and Freddie Mac. Mortgage Forbearance to Keep Forbearance Lending Flowing
7. April 23, 2020 FHFA Supports Small Announcement that Federal Home Loan Banks News Release Guidance on Business by Allowing can accept Paycheck Protection Program (PPP) Supervisory Federal Home Loan Banks loans as collateral when making loans, called Supervisory Letter Approaches to Accept Paycheck advances, to their members. (CARES Act Protection Program Loans Programs) as Collateral
8. April 27, 2020 “No Lump Sum Required at Announcement reiterating that borrowers in News Release Foreclosure the End of Forbearance” forbearance with a Fannie Mae or Freddie Mac- Moratorium / says FHFA’s Calabria backed mortgage are not required to repay the Mortgage missed payments in one lump sum. Forbearance
9. May 5, 2020 FHFA Extends Loan Extension of several loan origination flexibilities News Release Physical/In-Person Processing Flexibilities for currently offered by Fannie Mae and Freddie Mac to Electronic Fannie Mae and Freddie until at least June 30th. Mac Customers Also categorized in chart under: General Consumer Relief
10. May 13, 2020 FHFA Announces Payment Announcement that Fannie Mae and Freddie Mac News Release Foreclosure Deferral as New Repayment are making available a new payment deferral Moratorium / Option for Homeowners in option that allows borrowers, who are able to Mortgage COVID-19 Forbearance return to making their normal monthly mortgage Forbearance Plans payment, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity.
11. May 14, 2020 FHFA Extends Foreclosure Announcement that Fannie Mae and Freddie Mac News Release Foreclosure and Eviction Moratorium are extending their moratorium on foreclosures Moratorium / Mortgage Forbearance
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and evictions until at least June 30, 2020 (initial moratorium was set to expire on May 17th).
12. May 19, 2020 FHFA Announces Announcement that Fannie Mae and Freddie Mac News Release Foreclosure Refinance and Home have issued temporary guidance regarding the Moratorium / Purchase Eligibility for eligibility of borrowers who are in forbearance, or Mortgage Borrowers in Forbearance have recently ended their forbearance, looking to Forbearance refinance or buy a new home. FHFA also extended Fannie and Freddie’s previously announced ability to purchase single-family mortgages in forbearance.
13. June 15, 2020 FHFA to Re-Propose Announcement that FHFA will work with the GSEs News Release Delayed Updated Minimum Financial to reassess and re-propose the updated minimum Rulemaking Eligibility Requirements for financial eligibility requirements for Fannie Mae January 31 News Comment Fannie Mae and Freddie and Freddie Mac Seller/Servicers, including Release Deadline Mac Seller/Servicers incorporating lessons learned from COVID-19.
14. June 17, 2020 FHFA Extends Foreclosure Announcement that Fannie Mae and Freddie Mac News Release Foreclosure and Eviction Moratorium will further extend their single-family moratorium on Moratorium / foreclosures and evictions until at least August 31, May 14 News Mortgage 2020. The previous moratorium was set to expire Release Forbearance on June 30th.
15. June 29, 2020 FHFA Provides Tenant Announcement that Fannie Mae and Freddie Mac News Release Foreclosure Protections are allowing servicers to extend forbearance Moratorium / agreements for multifamily property owners with Mortgage existing forbearance agreements for up to three Forbearance months, for a total forbearance of up to six months.
16. July 9, 2020 FHFA Extends COVID- Further extension of several loan origination News Release Physical/In-Person Related Loan Processing flexibilities currently offered by Fannie Mae and to Electronic Flexibilities for Fannie Mae Freddie Mac until at least August 31st. May 5 News and Freddie Mac Release Also categorized Customers Through August in chart under: General Consumer Relief
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17. July 20, 2020 FHFA Proposes 2021 FHFA 2021 housing goals proposal for Fannie News Release Guidance on Housing Goals for Fannie Mae and Freddie Mac. Due to the economic Supervisory Mae and Freddie Mac uncertainty related to the COVID-19 pandemic, the Approach FHFA is proposing benchmarks for calendar year (Housing) 2021 only, and those levels will remain the same as they were for 2018-2020.
SEC
Item Announcement Title Description Link Category Number Date
1. January 30, 2020 Statement from Chairman Reminded issuers that the effects of COVID-19 and Statement Guidance on Clayton: Impact of the their response could, depending on a number of Public Disclosure Coronavirus factors, be material to an investment decision; and directed staff to monitor issuer disclosures and provide guidance and assistance to issuers and other market participants.
2. March 4, 2020 SEC Provides Conditional Order that, subject to certain conditions, provides News Release Delayed/Relaxed Regulatory Relief and publicly traded companies with an additional 45 Reporting Assistance for Companies days to file certain disclosure reports that would Order Requirement Affected by the Coronavirus otherwise have been due between March 1 and Disease 2019 (COVID-19) April 30, 2020.
3. March 4, 2020 Division of Investment Staff statement extending prior no-action position News Release Physical/In-Person Management Staff regarding fund board non-adherence to in-person to Electronic Statement on Fund Board voting to cover all approvals and renewals No Action Letter Meetings and Unforeseen (including material changes) of contracts, plans or (February 28, or Emergency arrangements under section 15(c) or rules 12b-1 2019) Circumstances Related to or 15a-4(b)(2), as well as the selection of a fund’s Coronavirus Disease 2019 independent public accountant pursuant to Section (COVID-19) 32(a) where such accountant is not the same accountant as selected in the immediately preceding fiscal year.
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4. March 13, 2020 Conditional Exemptive Regulatory relief for in-person board meetings and News Release Physical/In-Person Order: Targeted Action to certain filing and delivery requirements for certain to Electronic Assist Funds and Advisers, investment funds and investment advisers. Order Granting Permit Virtual Board Exemptions from Meetings and Provide Specified Conditional Relief From Provisions of the Certain Filing Procedures Investment for Funds and Investment Advisers Act and Advisers Affected by Certain Rules COVID-19 Thereunder
Order Granting Exemptions From Specified Provisions of the Investment Company Act and Certain Rules Thereunder; Commission Statement Regarding Prospectus Delivery
5. March 13, 2020 Staff Guidance: Conducting Guidance regarding meeting obligations under the News Release Physical/In-Person Annual Meetings in Light of federal proxy rules. (updated April 7, to Electronic COVID-19 Concerns 2020)
6. March 14, 2020 Immediate Effectiveness of Notice for immediate effectiveness of a proposed News Release Office Closings Proposed Rule Change: rule filing submitted by Cboe Exchange, Inc. to Facilitating Continued facilitate the continued operation of Cboe's options Operations of the Cboe exchange in light of Cboe's decision to temporarily Options Exchange In Light suspend open outcry trading on its Chicago trading Of Temporary Suspension floor. of Cboe Physical Trading Floor
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7. March 16, 2020 Staff No Action Letter: No Action Letter regarding enforcement of No Action Letter Delayed/Relaxed Consolidated Audit Trail deadlines for Consolidated Audit Trail reporting. Reporting Reporting Exemptive order allowing delayed CAT reporting April 20, 2020 Requirement announced on April 20, 2020. Press Release
8. March 16, 2020 Staff Guidance: New and Responses to question about access to mail and FAQs Office Closings Updated Frequently Asked deliveries and receipt of client assets for purposes Questions for Investment of rule 206(4)-2, the "custody rule," under the Advisers on: Inadvertent Investment Advisers Act of 1940. Adviser Custody During a Temporary Office Closure (Question II.1)
9. March 16, 2020 Staff Guidance: New and Responses to questions about conducting FAQs Office Closings Updated Frequently Asked investment advisory business from a temporary Questions for Investment location. Advisors on: Conducting Investment Advisory Business from a Temporary Location (Form ADV Item 1.F)
10. March 17, 2020 Update on Consolidated Statement from Chairman Jay Clayton regarding Statement Delayed/Relaxed Audit Trail; Temporary staff no-action letter on Consolidated Audit Trail Reporting COVID-19 Staff No-Action and on reducing CAT cybersecurity risks. Requirement; Letter; Reducing Cybersecurity Risks
11. March 19, 2020 Staff No Action Letter: No-action letter permitting affiliated purchases for No Action Letter Liquidity Affiliated Purchases under money market funds under Investment Company Rule 17a-9 of the Act of 1940 Section 17(a) or Rule 17a-9 under Investment Company Act limited circumstances in light of COVID-19.
12. March 20, 2020 Immediate Effectiveness of Notice of filing and immediate effectiveness of Rule Change Office Closings Proposed Rule Change: proposed rule change facilitating NYSE electronic Facilitating NYSE Electronic auctions. Auctions in Light of Temporary Closure of Physical Trading Floor
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13. March 20, 2020 Statement on the SEC’s Statement from Chairman Jay Clayton on SEC Statement Guidance on Coronavirus Response response to ensure capital markets remain open Public Disclosure Efforts – Facilitating the and function well. Continued Orderly Operation of Our Capital Markets Consistent with Health and Safety Directives and Other Measures
14. March 20, 2020 Order Under Section 17A Conditional exemptive order providing relief for Conditional Other Relaxed and Section 36 of the registered transfer agents. Exemptive Order Regulatory Securities Exchange Act of Requirements 1934 Granting Exemptions March 22, 2020 from Specified Provisions of Press Release the Exchange Act and Certain Rules Thereunder
15. March 23, 2020 Conditional Exemptive Exemptions from certain requirements of the Conditional Liquidity Order: SEC Provides Investment Company Act of 1940 and Rule 17d-1 Exemptive Order Temporary Additional to provide additional flexibility for (1) registered Flexibility to Registered open-end management investment companies Investment Companies other than money market funds (“open-end funds”) Affected by Coronavirus and (2) insurance company separate accounts registered as unit investment trusts (“separate accounts”) to obtain short-term funding.
16. March 24, 2020 Staff Statement: Regarding Statement providing relief from the requirements of Statement Wet to Electronic Rule 302(b) of Regulation Rule 302(b) of Regulation S-T (the manual Signatures S-T in Light of COVID-19 signature requirement) if certain conditions are Concerns met.
17. March 25, 2020 Conditional Exemptive Announcement extending the filing periods News Release Delayed/Relaxed Orders: SEC Extends covered by previously enacted conditional Reporting Conditional Exemptions reporting relief for certain public company filing Public Company Requirement From Reporting and Proxy obligations, extending regulatory relief previously Relief Order (Public Company Delivery Requirements for provided to funds and investment advisers and Order) Public Companies, Funds, and Investment Advisers
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Affected By Coronavirus providing Division of Corporation Finance Investment Fund Disease 2019 (COVID-19) guidance on public company disclosures. and Adviser Relief Order 1
Investment Fund and Adviser Relief Order 2
Public Company Disclosure Guidance
18. March 25, 2020 Exemptive Relief: Granting Order granting exemption from certain reporting Order Delayed/Relaxed Application by The Financial and information collection requirements of Rule Reporting Information Forum and 606 of Regulation NMS. Requirement Security Traders (Broker-Dealer; Association for a Temporary Reg NMS) Exemption Pursuant to rule 606(c) of Regulation NMS
19. March 25, 2020 Temporary Final Rule: Temporary final rule providing relief for Form ID March 26, 2020 Wet to Electronic Providing Temporary Relief notarization process for EDGAR filings and Press release Signatures (Form for the Form ID Notarization extension of certain filing deadlines under ID) Process and for Issuers Regulation A and Regulation Crowdfunding. Temporary Final Subject to Reporting Rule Also categorized Obligations Pursuant to in chart under: Regulation A and Delayed/Relaxed Regulation Crowdfunding Reporting Requirement (Reg A/Reg Crowdfunding)
20. March 26, 2020 Conditional Exemptive Conditional exemptive relief for registered Press release Delayed/Relaxed Order: Providing Conditional municipal advisors regarding Form MA-A annual Reporting Regulatory Relief for updates filing deadline. Conditional Requirement Registered Municipal Exemptive Order Advisors Affected by the Coronavirus Disease 2019
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21. March 26, 2020 Staff No Action Letter: No-action letter under Investment Company Act of No Action Letter Liquidity Affiliated Purchases of Debt 1940 Section 17(a) for affiliated purchases of debt Securities under Section securities. 17(a) of the Investment Company Act
22. March 30, 2020 Staff Guidance: New New FAQs on surprise examinations for purposes FAQs Delayed/Relaxed Frequently Asked Questions of rule 206(4)-2, the "custody rule," under the Reporting for Investment Advisers on: Investment Advisers Act of 1940. Requirement Timely Completion of a Surprise Exam When Faced with Logistical Disruptions Due to COVID-19 (Question IV.7)
23. April 2, 2020 Investors Remain Front of Statement by Chairman Jay Clayton discussing: (i) Statement Guidance on Mind at the SEC: Approach the Commission’s approach to allocation of Public Disclosure to Allocation of Resources, resources, oversight, and rulemaking in the face of Oversight and Rulemaking; various challenges caused by COVID-19, and (ii) Implementation of the June 30, 2020 compliance date for Reg BI, Regulation Best Interest Form CRS, and other requirements remaining in and Form CRS place.
24. April 2, 2020 Staff Statement: Regarding Division of Trading and Markets staff statement Statement Physical/In- Requirements for Certain regarding paper submissions. Person to Paper Submissions in Light Electronic of COVID-19 Concerns Also categorized in chart under: Wet to Electronic Signatures
25. April 2, 2020 Staff Guidance: New FAQ providing no-action relief for qualified Guidance Guidance on Frequently Asked Questions investment advisers regarding qualified custodian Public Disclosure for Investment Advisers on: service disruptions for purposes of rule 206(4)-2, Qualified Custodian Service the “custody rule,” under the Investment Advisers Disruptions Due to COVID- Act of 1940. 19 (Question VII.4)
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26. April 3, 2020 Statement from the Chief Statement on the importance of high-quality Statement Guidance on Accountant: The Importance financial reporting and actions taken in light of Public Disclosure of High-Quality Financial COVID-19, including providing guidance regarding Reporting in Light of the treatment under CARES Act. Significant Impacts of COVID-19
27. April 6, 2020 Staff Guidance: Exchange Guidance on filing deadline for Part III of Form 10- Guidance Delayed/Relaxed Act Forms, Section 104. K. Reporting Form 10-K (Question Requirement 104.18)
28. April 6, 2020 Staff Guidance: Exchange Guidance on Form 40-F filing deadline for MJDS Guidance Delayed/Relaxed Act Forms, Section 112. filers. Reporting Form 40-F (Question Requirement 112.02)
29. April 8, 2020 Conditional Exemptive Conditional exemptive order providing temporary Conditional Guidance on Order: Providing Temporary relief from certain requirements of Investment Exemptive Order Public Disclosure Relief for Business Company Act of 1940 and Rule 17d-1 for BDCs Development Companies making investments in small and medium-sized Making Investments in businesses. Small and Medium-sized Businesses
30. April 8, 2020 Division of Investment Division of Investment Management statement on Statement Physical/In- Management Staff submitting hearing requests on applications filed Person to Statement on Hearing under the Investment Company Act of 1940 and Electronic Requests on Applications Investment Advisers Act of 1940. Filed Under the Investment Company Act of 1940 and Investment Advisers Act of 1940
31. April 10, 2020 Division of Corporation Division of Corporation Finance statement Statement Physical/In- Finance Statement providing no-action relief regarding Form 144 Person to Regarding Requirements for paper filings. Electronic Form 144 Paper Filings in
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Light of COVID-19 Concerns
32. April 14, 2020 Division of Investment Division of Investment Management statement on Statement Guidance on Management Staff importance of delivering timely and material Public Disclosure Statement on Importance of information to investment company investors. Delivering Timely and Material Information to Investment Company Investors
33. April 14, 2020 Division of Investment Division of Investment Management FAQs FAQs (updated Guidance on Management Frequently regarding COVID-19 response. May 8) Public Disclosure Asked Questions Regarding COVID-19 Response
34. April 22, 2020 Staff Guidance: New Division of Trading and Markets FAQs regarding Guidance Guidance on Frequently Asked Questions broker-dealer financial responsibility rules. (updated as of Public Disclosure Concerning the COVID-19 June 2, 2020) Pandemic and the Broker- Dealer Financial Responsibility Rules
35. May 4, 2020 The Importance of Statement by Chairman Jay Clayton and Rebecca Statement Guidance on Disclosure for our Municipal Olsen, Director, Office of Municipal Securities, Public Disclosure Markets regarding disclosures by municipal securities issuers, including examples.
36. May 4, 2020 Temporary, Conditional Temporary relief to allow small businesses to Temporary Other Relaxed Relief to Allow Small pursue expedited offerings pursuant to Regulation Amendment Regulatory Businesses to Pursue Crowdfunding. Requirements Expedited Crowdfunding (Securities Offerings Offerings)
37. May 27, 2020 Extension of Conditional Conditional exemptive order extending March 20, Conditional Other Relaxed Exemptive Order: Relief for 2020 Exchange Act relief for registered transfer Exemptive Order Regulatory Registered Transfer Agents agents. Requirements (Transfer Agents)
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and Certain Other Persons Affected by COVID-19
38. June 16, 2020 Temporary Conditional Temporary conditional exemption from broker Temporary Other Relaxed Exemption: Certain registration under Section 15 of the Securities Exemptive Order Regulatory Activities of Registered Exchange Act of 1934 for registered municipal Requirements Municipal Advisors advisors to address disruption in the municipal securities markets as a result of the COVID-19 pandemic.
39. June 18, 2020 Updated Division of Trading Updated Division of Trading and Markets staff Statement Physical/In- and Markets Staff statement regarding paper submissions. Person to Statement Regarding April 2 Statement Electronic Requirements for Certain Paper Submissions in Light Also categorized of COVID-19 Concerns in chart under: Wet to Electronic Signatures
40. June 24, 2020 Staff Statement Regarding Divisions of Trading and Markets and Investment News Release Physical/In- Temporary International Management statement regarding requirements Person to Mail Service Suspensions to under the federal securities laws to mail certain Electronic Certain Jurisdictions regulatory communications to shareholders, clients Related to the COVID-19 and customers. Pandemic
41. June 26, 2020 An Update on the Update from Chairman Clayton and Directors of Public Statement Guidance on Commission’s Targeted the Divisions of Corporation Finance, Investment Public Disclosure Regulatory Relief to Assist Management and Trading and Markets to the Market Participants Affected current targeted, temporary relief and assistance by COVID-19 and Ensure provided by the Commission and staff, along with the Orderly Function of our the staff’s views on whether and, if so, how that Markets relief should be adjusted taking into account market outreach and observations.
42. July 15, 2020 Credit Ratings, COVID-19 Market Monitoring Group’s Public Statement Guidance on Procyclicality and Related observations on the effect of credit ratings on Public Disclosure procyclicality and financial stability.
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Financial Stability Issues: April 24 Press Select Observations Release
CFTC
Item Announcement Title Description Link Category Number Date
1. March 17, 2020 No-Action Positions for Temporary no action relief from time-stamps CFTC Letter Physical/In- Certain Members of requirement for members of Designated Contract Person to Designated Contract Markets and Swap Execution Facilities. Electronic Markets and Swap Execution Facilities to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
2. March 17, 2020 No-Action Positions for Temporary no action relief from oral CFTC Letter Physical/In- Futures Commission communication recording, time-stamps and Chief Person to Merchants and Introducing Compliance Officer annual report requirements for Electronic Brokers to Facilitate Physical Futures Commission Merchants and Introducing Separation of Personnel in Brokers. Response to the COVID-19 Pandemic
3. March 17, 2020 No-Action Positions for Floor Temporary no action relief for from oral CFTC Letter Physical/In- Brokers to Facilitate Physical communication recording, time-stamps, physical Person to Separation of Personnel in location and Introducing Broker registration Electronic Response to the COVID-19 requirements for Floor Brokers. Pandemic
4. March 17, 2020 No-Action Positions for Temporary no action relief from oral CFTC Letter Physical/In- Retail Foreign Exchange communication recording and time-stamps Person to Dealers to Facilitate requirements for Retail Foreign Exchange Dealers. Electronic Physical Separation of
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Personnel in Response to the COVID-19 Pandemic
5. March 17, 2020 No-Action Positions for Temporary no action relief from oral CFTC Letter Physical/In-Person Swap Dealers to Facilitate communication recording, time-stamps and Chief to Electronic Physical Separation of Compliance Officer annual report requirements for Personnel in Response to Swap Dealers. the COVID-19 Pandemic
6. March 17, 2020 No-Action Positions for Temporary no action relief from voice CFTC Letter Physical/In-Person Swap Execution Facilities to communications recording requirements for Swap to Electronic Facilitate Physical Execution Facilities. Separation of Voice Trading Personnel in Response to the COVID-19 Pandemic
7. March 17, 2020 No-Action Positions for Temporary no action relief from Chief Compliance CFTC Letter Delayed/Relaxed Swap Execution Facilities to Officer reporting requirements for Swap Execution Reporting Extend Submission Facilities. Requirement Timeframes for Annual Compliance Reports and Fourth Quarter Financial Reports in Response to the COVID-19 Pandemic
8. March 17, 2020 No-Action Relief to Temporary no action relief from audit trail and CFTC Letter Physical/In- Designated Contract related requirements for Designated Contract Person to Markets to Facilitate Markets. Electronic Physical Separation of Personnel in Response to the COVID-19 Pandemic
9. March 18, 2020 Extension of Relief for Initial Final rule extending the compliance schedule for Final Rule Other Relaxed Margin Requirements for the posting and collection of initial margin under Regulatory Uncleared Swaps the CFTC Margin Rule to September 1, 2021, for Requirements entities with smaller average daily aggregate notional amounts of swaps and certain other financial products.
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10. March 20, 2020 No-Action Position for Temporary no action relief for an Insured CFTC Letter Sui Generis Excluding Certain Depository Institution permitting certain commodity Commodity Swaps from swaps to be excluded in the Major Swap Major Swap Participant Participant Registration Threshold Calculation. Registration Threshold Calculation of an Insured Depository Institution
11. March 20, 2020 No-Action Positions for Temporary no action relief from annual report and CFTC Letter Delayed/Relaxed Commodity Pool Operators periodic account statement requirements for Reporting in Response to the COVID- Commodity Pool Operators. Requirement 19 Pandemic
12. March 31, 2020 No-Action Position for Temporary no action relief for Foreign Brokers CFTC Letter Other Relaxed Foreign Brokers Exempt exempt pursuant to Commission Regulation 30.5 Regulatory Pursuant to Commission to handle U.S. futures market orders. Requirements Regulation 30.5 to Handle U.S. Futures Market Orders in Response to the COVID- 19 Pandemic
13. April 10, 2020 Extension of Certain Extension of currently open comment periods for Proposed Rule Delayed Comment Periods in rulemakings on position limits for derivatives, swap Rulemaking Response to COVID-19 execution facility requirements and real-time Comment reporting requirements, swap data repository and Deadline data reporting requirements, real-time public reporting requirements and swap data recordkeeping and reporting requirements.
14. April 23, 2020 No-Action Position for Temporary no action relief for Futures Commission CFTC Letter Capital Futures Commission Merchants and Introducing Brokers to address net Merchants and Introducing capital treatment of covered loans under the Brokers to Address Net CARES Act. Capital Treatment of Covered Loans under the CARES Act
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15. April 24, 2020 No-Action Position in Temporary no action relief for persons required to April 24 CFTC Physical/In-Person Response to the COVID-19 submit fingerprints in connection with applying for Letter to Electronic Pandemic for Persons registration as an associated person or being listed Required to Submit as a principal of a registrant. No action relief July 14 CFTC Fingerprints in Connection extended on July 14, 2020 until September 30, Letter with Applying for 2020. Registration as an July 17 Press Associated Person or Being Release Listed as a Principal of a Registrant
16. May 28, 2020 Further Extension of Relief Interim final rule revising the compliance schedule Interim Final Rule Other Relaxed for Margin Requirements for for the posting and collection of initial margin under Regulatory Uncleared Swaps the CFTC Margin Rule to defer the compliance Requirements date of September 1, 2020, to September 1, 2021.
NYDFS Actions and Related Governor Cuomo Announcements
Item Announcement Title Description Link Category Number Date
1. March 2, 2020 Governor Cuomo Announcement requiring NY insurers to waive News Release General Announces New Directive cost-sharing for coronavirus testing. Also Consumer Relief Requiring New York announces New Yorkers receiving Medicaid Insurance Circular (Health Insurers to Waive Cost- coverage will not be expected to pay a co-pay for Letter Insurance) Sharing For Coronavirus any testing related to COVID-19. Testing2 Emergency Regulation (adopted March 13)
2. March 16, 2020 NY State of Health and New Special Enrollment Period available to New March 16, 2020 General York State Department of Yorkers during which eligible individuals will be News Release Consumer Relief Financial Services able to enroll in insurance coverage through NY Announce Special State of Health, New York’s official health plan
2 Administered by DFS, but health insurance (not financial regulatory) related.
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Enrollment Period for Marketplace, and directly through insurers. Further July 15, 2020 (Health Uninsured New Yorkers, as extension through August 15, 2020 announced on Extension News Insurance) Novel Coronavirus Cases July 15, 2020. Release Climb3
3. March 17, 2020 Department of Financial New emergency regulation under New York News Release General Services Adopts New Insurance Law requiring New York State insurance Consumer Relief Emergency Regulation companies to waive cost-sharing, including, Emergency (Health Requiring Insurance deductibles, copayments, or coinsurance for in- Regulation Insurance) Companies To Waive Cost- network telehealth visits. Sharing For In-Network Telehealth Visits4
4. March 19, 2020 Governor Cuomo Signs The Governor announced the Department of News Release Foreclosure Executive Order Mandating Financial Services has issued a new directive to Moratorium / Businesses That Require New York State mortgage servicers to provide 90- Mortgage In-Office Personnel to day mortgage relief to mortgage borrowers Forbearance Decrease In-Office impacted by the novel coronavirus. Additionally, Workforce By 75 Percent the Governor has asked DFS to instruct state Also categorized chartered banks to waive ATM fees, late fees, in chart under: overdraft fees and fees for credits cards to help General lessen the financial hardship of the COVID-19 Consumer Relief pandemic on New Yorkers. (Banking Fees)
5. March 20, 2020 Department of Financial Guidance to insurers that they should suspend News Release General Services Announces pre-authorization and administrative requirements, Consumer Relief Insurance Regulatory Relief including certain utilization review and notification Insurance (Health For New York Hospitals requirements for hospitals. Guidance Letter Insurance) During Novel Coronavirus Outbreak5
3 Administered by DFS, but health insurance (not financial regulatory) related. There have been other extensions between March 16, 2020 and July 15, 2020, not all of which were publicly announced by NYDFS on their website. 4 Administered by DFS, but health insurance (not financial regulatory) related. 5 Administered by DFS, but health insurance (not financial regulatory) related.
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6. March 24, 2020 DFS Issues New Further to Governor Cuomo's March 19 News Release Foreclosure Emergency Regulation announcement, emergency regulation requiring Moratorium / Requiring New York that, during a specified time, New York State Emergency Mortgage Regulated Financial regulated financial institutions provide for Regulation Forbearance Institutions to Provide individuals demonstrating financial hardship as a Financial Relief to New result of the COVID-19 pandemic: 90 days of Yorkers Demonstrating residential mortgage forbearance and elimination Financial Hardship from of ATM fees, overdraft fees and credit card late COVID-19 Pandemic payment fees.
7. March 30, 2020 DFS Takes New Action for Emergency regulation requiring New York State News Release General Consumers and Small regulated issuers of life insurance and annuity Consumer Relief Businesses Facing contracts, property and casualty insurers and Emergency (Health Financial Hardship During premium finance agencies to permit affected Regulation Insurance) Covid-19;6 consumers to delay premium payments.
Adopts Emergency Regulation Mandating Deferrals of Premium Payments for Life and Property And Casualty Insurance
8. April 2, 2020 Following Governor Announcement by Governor Cuomo that DFS will News Release General Cuomo’s Announcement, take regulatory action requiring health plans to Consumer Relief DFS to Take Regulatory defer the payment of insurance premiums due (Health Action Requiring Health under individual and small group health Insurance) Insurers to Defer Payment commercial insurance plans through June 1st for of Premiums Through June consumers and businesses experiencing financial 1st For Consumers and hardship due to the COVID-19 pandemic. Businesses Experiencing Financial Hardship Due To COVID-19 Pandemic7
6 Administered by DFS, but health insurance (not financial regulatory) related. 7 Administered by DFS, but health insurance (not financial regulatory) related.
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9. April 7, 2020 DFS Obtains Relief for DFS agreement with private student loan sector, News Release General Approximately 300,000 NY which provides relief to as many as 300,000 New Consumer Relief Student Loan Borrowers Yorkers. Letter (Student Loans) Not Covered by Federal Cares Act8
10. April 8, 2020 DFS Issues New Following Governor Cuomo's April 2 News Release General Emergency Regulation announcement, emergency regulation requiring Consumer Relief Requiring Commercial health plans to defer the payment of insurance Emergency (Health Health Insurers to Defer premiums due under individual and small group Regulation Insurance) Payment Of Premiums commercial health insurance plans through June Through June 1st For 1, 2020 for consumers and businesses Consumers & Businesses experiencing financial hardship due to the COVID- Experiencing Financial 19 pandemic. Hardship During COVID-19 Pandemic9
11. April 16, 2020 DFS Announces Temporary Order to provide temporary regulatory relief for News Release Physical/In-Person Regulatory Relief For New New York-chartered financial institutions, to Electronic York-Chartered Financial facilitating the ability of New York’s financial Department Order Institutions During Covid-19 institutions to conduct meetings virtually and Pandemic extends the timing requirement for annual stockholder meetings.
12. April 22, 2016 DFS Directs Health Plans to Circular letter directing New York-regulated health News Release General Provide Financial and insurers to provide cash flow relief to, and ease Consumer Relief Administrative Relief to New administrative burdens on, New York State Circular Letter (Health York Hospitals During hospitals during the COVID-19 pandemic. Insurance) COVID-19 Pandemic10
13. May 1, 2020 Amid Ongoing COVID-19 Announcement by Governor Cuomo that schools News Release General Pandemic, Governor and colleges will remain closed for the rest of the Consumer Relief Cuomo Announces Schools academic year and that DFS will require health and College Facilities
8 Not directly pandemic-related. 9 Administered by DFS, but health insurance (not financial regulatory) related. 10 Administered by DFS, but health insurance (not financial regulatory) related.
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Statewide Will Remain insurers to waive out-of-pocket costs for mental (Health Closed for the Rest of the health services for frontline essential workers. Insurance) Academic Year11 Also categorized in chart under: Office Closings (Schools)
14. May 2, 2020 Superintendent Lacewell Emergency regulation following Governor Cuomo’s News Release General Announces DFS Issues May 1 announcement that DFS will require New Consumer Relief Emergency Regulation York State-regulated health insurers to waive out- Emergency (Health Requiring Insurance of-pocket costs, including cost-sharing, Regulation Insurance) Companies to Waive Out- deductibles, copayments and coinsurance, for in- Of-Pocket Costs For In- network mental health services for New York’s Circular Letter Network Mental Health frontline essential workers during COVID-19. Services For Frontline Essential Workers During Covid-1912
15. June 9, 2020 Superintendent Lacewell Launch of DFS FastForward, a new program to News Release General Announces the Launch of support innovators seeking to deliver new Consumer Relief New DFS Program to Drive solutions in financial services, Fintech, InsurTech, DFS FastForward Innovative Financial and HealthTech for New Yorkers in the COVID-19 Webpage Services and Products For era. New Yorkers In The Covid- 19 Era
16. June 15, 2020 New York State Department Order granting New York-regulated mortgage News Release Delayed/Relaxed of Financial Services servicers a 60-day extension to comply with Reporting Extends COVID-19 periodic statement requirements. Department Order Requirement Regulatory Relief for New York-Regulated Mortgage Services
11 Administered by DFS, but health insurance (not financial regulatory) related. 12 Administered by DFS, but health insurance (not financial regulatory) related.
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17. June 17, 2020 DFS Obtains Credit Announcement that the NYDFS and all New York News Release General Reporting Relief for New State-regulated consumer credit reporting Consumer Relief Yorkers During COVID-19 agencies reached an agreement to provide free Guidance to (Credit Reporting) credit reports to consumers and reduce negative Credit Reporting consumer credit reporting. Also urges New York Agencies State-regulated financial institutions to ensure accurate credit reporting. Guidance to Banks and Lenders
Governor Cuomo NY State Orders
Item Announcement Title Description Link Category Number Date
1. March 7, 2020 Declaring a Disaster Executive order declaring disaster emergency in Executive Order Sui Generis Emergency in the State of NY as a result of the coronavirus, in effect until Actions New York September 7, 2020
2. March 18, 2020 Continuing Temporary Executive order suspending or modifying, among Executive Order Physical/In-Person Suspension and other provisions, subdivision b of section 708 of to Electronic Modification of Laws the Business Corporation Law to the extent Relating to the Disaster necessary to permit business corporations to take Emergency any action otherwise permitted under that section with the electronic consent of the members of the board or committee, when such consent is submitted via electronic mail along with information from which it can reasonably be determined that the transmission was authorized by such member.
3. March 20, 2020 Continuing Temporary Executive order suspending or modifying, among Executive Order Physical/In-Person Suspension and other provisions, subsection (a) of Section 602 and to Electronic Modification of Laws subsections (a) and (b) of Section 605 of the Business Corporation Law, to the extent they
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Relating to the Disaster require meetings of shareholders to be noticed and Emergency held at a physical location.
4. March 21, 2020 Continuing Temporary Executive order modifying subdivision two of Executive Order Foreclosure Suspension and Section 39 of the Banking Law to provide that it Moratorium / Modification of Laws shall be deemed an unsafe and unsound business Mortgage Relating to the Disaster practice if, in response to the COVID-19 pandemic, Forbearance Emergency any bank which is subject to the jurisdiction of the Department shall not grant a forbearance to any person or business who has a financial hardship as a result of the COVID-19 pandemic for a period of ninety days. Executive order also issued a directive to the DFS to ensure mortgage forbearance and restriction/modification of ATM, overdraft and credit card late fees.
5. March 30, 2020 Continuing Temporary Executive order suspending or modifying, among Executive Order Delayed/Relaxed Suspension and other provisions, section 576 of the Banking Law Reporting Modification of Laws to grant the Superintendent of Financial Services Requirement Relating to the Disaster the authority to promulgate an emergency (Insurance) Emergency regulation to apply the provisions of the Executive Order relevant to policy cancellations, to premium Also categorized finance agencies (as defined in Article XII-B of the in chart under: Banking Law), subject to the safety and soundness Wet to Electronic considerations of the premium finance agencies. Signatures Also permits instruments signed and delivered to the Superintendent of Financial Services that are required to be verified or acknowledged to be verified or acknowledged by standard language in the instrument plus fax or electronic transmission of the instrument.
6. April 7, 2020 Continuing Temporary Executive order, among other things, granting Executive Order General Suspension and authority to the DFS Superintendent of Financial Consumer Relief Modification of Laws Services to promulgate emergency regulations (Banking Fees; Relating to the Disaster regarding: (1) the waiver of late fees; and (2) the Credit Reporting) Emergency prohibition on reporting negative data to credit bureaus.
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7. July 14, 2020 Governor Cuomo Announces Announcement of emergency rental assistance Press Release Foreclosure New COVID Rental program to help keep low-income families affected Moratorium / Assistance Program by COVID-19 in their homes. Application Mortgage Forbearance
Mayor De Blasio NYC Orders
Item Announcement Title Description Link Category Number Date
1. March 20, 2020 Emergency Executive Order Executive order directing businesses to utilize Emergency Office Closings 102 work from home procedures and reduce in-person Executive Order workforces by 50%; banks and related financial institutions deemed “essential services” and not subject to in-person restrictions.
2. July 7, 2020 Mayor de Blasio Announces Postponement of annual tax lien sale until News Release General Postponement of Annual Tax September 2020 to provide relief for property Consumer Relief Lien Sale Until September owners struggling due to the COVID-19 pandemic.
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