The Federal Reserve Board found the 2020 Dodd-Frank stress test results demonstrate that, despite suffering substantial losses under a "severely adverse" scenario, large banks " could continue lending to businesses and households."
The Federal Reserve Board, the FDIC, the OCC, the National Credit Union Administration and state financial regulators provided guidance to examiners for assessing the "safety and soundness" of a financial institution during the COVID-19 pandemic.
The results of a new survey concerning the implication of market volatility on the transition from LIBOR showed that participants are progressing on "operation[s], risk, infrastructure, systems re-tooling, interactions with critical third parties, [and] meeting governance guidelines."
A Federal Reserve working group, made up of government and payments industry experts, developed a uniform fraud classification system to address fraud involving Automated Clearing House, wire, and check payments.
The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
The New York State Department of Financial Services launched a new program to support innovation in financial services. The FastForward program is intended to support innovators developing FinTech, InsurTech and HealthTech solutions.
U.S. Department of Housing and Urban Development Secretary Benjamin S. Carson and Federal Housing Finance Agency Director Mark A. Calabria testified on recent departmental initiatives to support the housing market.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
In a new report, the Congressional Research Service provided an overview of SBA programs, reviewed the history of small business legislation after the 2007-2009 recession and described recent legislation in response to COVID-19.