COVID-19 Portal
[a-z-listing post-type="location"]
    image_pdfimage_print

    Financial Regulatory

    Sep 24, 2020 Financial Regulatory

    FINANCIAL REGULATORY

    RESPONSE TO COVID-19

    At Mayer Brown, we are dedicated to serving our clients, particularly in times of crisis. We are interacting with regulators and key industry participants to monitor critical ongoing developments in the financial services industry. The coronavirus disease 2019 (COVID-19) pandemic has impacted the financial services industry on a global scale. New challenges present themselves daily and require creative solutions. Industry-wide, firms and regulators are working to adjust to pandemic conditions and the attendant challenges. We have designed this page to serve as a central hub for available guidance as financial regulators grapple with the complex and novel challenges presented by COVID-19 and to offer guidance and relief to financial services firms and other industry participants.

    Mayer Brown was actively involved in each stage of the Government’s market stabilization strategy during the 2008 financial crisis. We helped clients navigate a plethora of government assistance programs intended to provide support to the troubled financial services sector. Many of these programs are being replicated in connection with the economic crisis caused by COVID-19.

    In particular, we were at the forefront of the U.S. Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF) in 2008 and 2009, during which time we not only led more TALF deals than any other law firm, but also:

    • represented the Securities Industry and Financial Markets Association (SIFMA) and another leading structured finance industry group in preparing the industry form of customer agreement and related documentation between the primary dealers and TALF borrowers.
    • prepared the form of customer agreement and related documentation and negotiated those forms on behalf of ten of the primary dealers participating in the TALF program, and also assisted dealers in updating TALF documentation to cover legacy CMBS.
    • assisted industry groups, such as the Independent Mortgage Servicers Coalition (IMSC) in expanding TALF asset eligibility to include servicing advances.
    • counseled on the creation and formation of several TALF investment funds.
    • helped our clients work with the Fed to modify TALF rules, including representing a large finance company to obtain TALF eligibility for asset-backed notes issued by a “mixed inventory” floorplan master trust that also includes some receivables arising under asset-based lending facilities and loans secured by accounts receivable.

    Mayer Brown also represented Citigroup and Morgan Stanley in the creation of Straight-A Funding, the $60 billion asset-backed commercial paper vehicle that saved the student loan industry during the 2008 financial crisis and enabled students to finance the 2009-2010 academic year when government guaranteed student loan backed ABS could not be sold.

    As the Dodd-Frank Act was proceeding through Congress we advised on many aspects of that legislation, including new capital requirements, new disclosure obligations and what became the Volcker Rule. When Dodd Frank was enacted into law we advised a wide range of financial services firms on its implementation. In addition we participated in industry working groups and drafted comment letters on a wide range of Dodd Frank regulations and when the regulations were finalized we advised clients on compliance issues. This deep experience makes us uniquely qualified to lead our clients through the current crisis and advise on the Federal Reserve’s new liquidity programs.

    We have assembled a team of finance and regulatory experts to help our clients navigate these regulations and the new credit facilities made available pursuant to these measures. Meet our COVID-19 Finance team.

    Finance Services Regulatory & Enforcement Attorneys

    Structured Finance Attorneys

    Leveraged Finance Attorneys

    On this page, we provide a comprehensive repository of information on the regulatory response to COVID-19 and its effects on the financial services.

    1. Federal Reserve Board (FRB) Resources
    (a) Federal Reserve Board updates frequently asked questions to clarify the Board and Department of Treasury’s expectations regarding lender underwriting for the Main Street Lending Program 18 September 2020
    (b) Testimony by Kent Hiteshew, Deputy Associate Director, Division of Financial Stability, on the Municipal Liquidity Facility 17 September 2020
    (c) Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021 29 July 2020
    (d) Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30 28 July 2020
    (e) Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility 23 July 2020
    (f) Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations 17 July 2020
    (g) Federal Reserve Board announces extension of rule change to bolster effectiveness of the Small Business Administration’s Paycheck Protection Program 15 July 2020
    (h) Speech by Governor Brainard on navigating monetary policy through the fog of COVID 14 July 2020
    (i) New York Fed Announces Primary Market Corporate Credit Facility Launches on June 29 29 June 2020
    (j) Federal Reserve Board releases results of stress tests for 2020 and additional sensitivity analyses conducted in light of the coronavirus event 25 June 2020
    (k) Term Asset-Backed Securities Loan Facility Benchmarks for Fixed Rates and Floating Rates for July 6, 2020, Loan Subscription Date 25 June 2020
    (l) New York Fed Announces Eligible and Ineligible ABS for Term Asset-Backed Securities Loan Facility June 17, 2020 Subscription Date – TALF Facility Rates 23 June 2020
    (m) Federal Reserve Board announces it will be seeking public feedback on proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations 15 June 2020
    (n) Federal Reserve Board announces updates to Secondary Market Corporate Credit Facility (SMCCF), which will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers 15 June 2020
    (o) Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support 8 June 2020
    (p) Federal Reserve Board announces an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility 3 June 2020
    (q) Term Asset-Backed Securities Loan Facility – further Updated FAQs 26 May 2020
    (r) Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility – Updated FAQs 26 May 2020
    (s) Commercial Paper Funding Facility – Updated FAQs 26 May 2020
    (t) Introductory remarks by Governor Brainard for the Fed Listens panel at “A Fed Listens Event: How Is COVID-19 Affecting Your Community?” 21 May 2020
    (u) Opening remarks by Chair Powell at “Fed Listens: How Is COVID-19 Affecting Your Community?” 21 May 2020
    (v) Speech by Vice Chair Clarida on the U.S. economic outlook and monetary policy 21 May 2020
    (w) Federal agencies share principles for offering responsible small-dollar loans 20 May 2020
    (x) Testimony by Chair Powell on the Federal Reserve’s response to the coronavirus and the CARES Act 19 May 2020
    (y) Regulators temporarily change the supplementary leverage ratio to increase banking organizations’ ability to support credit to households and businesses in light of the coronavirus response 15 May 2020
    (z) Financial Stability Report 15 May 2020
    (aa) Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households 14 May 2020
    (bb) Speech by Chair Powell on current economic issues 13 May 2020
    (cc) Federal Reserve publishes updates to the term sheet for the Term Asset-Backed Securities Loan Facility (TALF) and announces information to be disclosed monthly for the TALF and the Paycheck Protection Program Liquidity Facility 12 May 2020
    (dd) Revised TALF Term Sheet 12 May 2020
    (ee) TALF FAQs 12 May 2020
    (ff) Testimony by Vice Chair for Supervision Quarles on supervision and regulation 12 May 2020 12 May 2020
    (gg) Federal Reserve publishes updates to the term sheet for the Municipal Liquidity Facility 11 May 2020
    (hh) Frequently Asked Questions for Financial Institutions Affected by the Coronavirus Disease 2019 (Referred to as COVID-19) 7 May 2020
    (ii) Federal bank regulatory agencies modify liquidity coverage ratio for banks participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility 5 May 2020
    (jj) Federal Reserve Board finalizes rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule 1 May 2020
    (kk) Main Street Lending Program – Frequently Asked Questions 30 April 2020
    (ll) Main Street Priority Loan Facility Term Sheet 30 April 2020
    (mm) Main Street New Loan Facility Term Sheet – revision to 9 April 2020 version 30 April 2020
    (nn) Main Street Expanded Loan Facility Term Sheet – revision to 9 April 2020 version 30 April 2020
    (oo) Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged 30 April 2020
    (pp) Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program 30 April 2020
    (qq) Federal Reserve issues FOMC statement 29 April 2020
    (rr) Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility 27 April 2020
    (ss) Agencies extend comment period on updates to resolution plan guidance for large foreign banks 27 April 2020
    (tt) Federal Reserve Board outlines the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery 23 April 2020
    (uu) Federal Reserve Board announces temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks 23 April 2020
    (vv) PPPLF FAQs https://www.frbdiscountwindow.org/pages/general-information/faq#list-item-1%C2%A0 16 April 2020
    (ww) Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Paycheck Protection Program Liquidity Facility (PDF) 16 April 2020
    (xx) Federal Reserve announces its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions 16 April 2020
    (yy) Federal banking agencies to defer appraisals and evaluations for real estate transactions affected by COVID-19 14 April 2020
    (zz) Update to MMLF Frequently Asked Questions (FAQs) 10 April 2020
    (aaa) Speech by Chair Powell on COVID-19 and the Economy 9 April 2020
    (bbb) Paycheck Protection Program Lending Facility Term Sheet 9 April 2020
    (ccc) Municipal Liquidity Facility Term Sheet 9 April 2020
    (ddd) Term Asset-Backed Securities Loan Facility Term Sheet – revision to 23 March 2020 version 9 April 2020
    (eee) Primary Market Corporate Credit Facility Term Sheet – revision to 23 March 2020 version 9 April 2020
    (fff) Secondary Market Corporate Credit Facility Term Sheet – revision to 23 March 2020 version 9 April 2020
    (ggg) Federal bank regulators issue interim final rule for Paycheck Protection Program Facility 9 April 2020
    (hhh) Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy 9 April 2020
    (iii) Federal Reserve Board announces, due to the extraordinary disruptions from the coronavirus, that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses 8 April 2020
    (jjj) Agencies issue revised interagency statement on loan modifications by financial institutions working with customers affected by the coronavirus 7 April 2020
    (kkk) SR 20-10: Small Business Administration (SBA) and Treasury Small Business Loan Programs 6 April 2020
    (lll) Federal Reserve will establish a facility to facilitate lending to small businesses via the Small Business Administration’s Paycheck Protection Program (PPP) by providing term financing backed by PPP loans 6 April 2020
    (mmm) Agencies announce changes to the community bank leverage ratio 6 April 2020
    (nnn) Federal agencies encourage mortgage servicers to work with struggling homeowners affected by COVID-19 3 April 2020
    (ooo) Agencies will consider comments on Volcker rule modifications following expiration of comment period 2 April 2020
    (ppp) Federal Reserve Board announces temporary change to its 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 1 April 2020
    (qqq) SR 20-7 / CA 20-5: Joint Statement Encouraging Responsible Small-Dollar Lending in Response to COVID-19 30 March 2020
    (rrr) SR 20-6: Identification of Essential Critical Infrastructure Workers in the Financial Services Sector During the COVID-19 Response 27 March 2020
    (sss) Agencies announce two actions to support lending to households and businesses 27 March 2020
    (ttt) Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus 26 March 2020
    (uuu) Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19 26 March 2020
    (vvv) Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus 24 March 2020
    (www) Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations 23 March 2020
    (xxx) Federal Reserve announces extensive new measures to support the economy 23 March 2020
    (yyy) Federal Reserve Board announces technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses 23 March 2020
    (zzz) Money Market Mutual Fund Liquidity Facility FAQs 21 March 2020
    (aaaa) FAQs: Primary Dealer Credit Facility 19 March 2020
    (bbbb) Money Market Mutual Fund Liquidity Facility Term Sheet (18 March 2020)  
    (cccc) Primary Dealer Credit Facility Term Sheet 17 March 2020
    (dddd) Commercial Paper Funding Facility Term Sheet 17 March 2020
    (eeee) Federal banking agencies encourage banks to use Federal Reserve discount window 16 March 2020
    (ffff) Federal Reserve issues FOMC statement | Press Conference 15 March 2020
    (gggg) Federal Reserve actions to support the flow of credit to households and businesses 15 March 2020
    (hhhh) Coordinated central bank action to enhance the provision of U.S. dollar liquidity 15 March 2020
    (iiii) SR 20-4 / CA 20-3: Supervisory Practices Regarding Financial Institutions Affected by Coronavirus 13 March 2020
    (jjjj) SR 20-3 / CA 20-2: Interagency Statement on Pandemic Planning 10 March 2020
    (kkkk) Agencies encourage financial institutions to meet financial needs of customers and members affected by coronavirus 9 March 2020
    (llll) Federal Reserve issues FOMC statement | Press Conference 3 March 2020
    (mmmm) Statement from Chair Powell 28 February 2020
    (nnnn) Commercial Paper Funding Facility: Frequently Asked Questions 19 October 2009

     

    2. Office for the Comptroller of the Currency (OCC) Resources
    (a) Agencies Issue Three Final Rules 26 Aug. 2020
    (b) OCC Bulletin 2020-74 – Collective Investment Funds: Prior Notice Period for Withdrawals – Interim Final Rule 13 August 2020
    (c) OCC Reduces September 2020 Assessments in Response to COVID-19 7 August 2020
    (d) OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19 4 August 2020
    (e) Troubled Debt Restructurings : Joint Statement on Additional Loan Accommodations Related to COVID-19 3 August 2020
    (f) Federal and State Regulatory Agencies Issue Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on Financial Institutions 23 June 2020
    (g) Examinations : Interagency Examiner Guidance for Assessing Safety and Soundness While Considering the Effect of COVID-19 on Institutions 23 June 2020
    (h) OCC Interim Final Rule Reduces Assessments in Response to COVID-19 22 June 2020
    (i) Assessments : Interim Final Rule 22 June 2020
    (j) COVID-19 Relief Programs : Preemption 17 June 2020
    (k) OCC Sounds Warning About Effects of COVID-19 ‘Lockdowns’ on Banking System 1 June 2020
    (l) OCC Hosts Minority Depository Institutions Advisory Committee Meeting June 17 Via Remote Means 29 May 2020
    (m) OCC Issues Third and Fourth Quarter 2020 CRA Evaluation Schedule 27 May 2020
    (n) Director, Shareholder, and Member Meetings : Interim Final Rule 26 May 2020
    (o) Small-Dollar Lending : Interagency Lending Principles for Offering Responsible Small-Dollar Loans 20 May 2020
    (p) Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans 20 May 2020
    (q) Supplementary Leverage Ratio : Interim Final Rule 15 May 2020
    (r) Regulators Temporarily Change the Supplementary Leverage Ratio to Increase Banking Organizations’ Ability to Support Credit to Households and Businesses In Light of the Coronavirus Response 15 May 2020
    (s) Corporate Governance : Annual Meetings and the COVID-19 Emergency 12 May 2020
    (t) Comptroller of the Currency Discusses Efforts to Support the Federal Banking System’s Response to COVID-19 12 May 2020
    (u) Current Expected Credit Losses : Final Interagency Policy Statement on Allowances for Credit Losses 8 May 2020
    (v) Liquidity Coverage Ratio : Interim Final Rule Addressing Treatment of Certain Emergency Facilities 6 May 2020
    (w) Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility 5 May 2020
    (x) Credit Administration : Documentation of SBA Paycheck Protection Program Loans 25 April 2020
    (y) COVID-19 Financial Support Programs : Visitorial Authority 24 April 2020
    (z) Current Expected Credit Losses : Final Rule With Technical Changes to Interim Final Rule 22 April 2020
    (aa) Federal Reserve Lending Programs : COVID-19-Related Programs to Support Households, Employers, and Communities 20 April, 2020
    (bb) Appraisals and Evaluations : Interim Final Rule and Interagency Statement for Real Estate-Related Financial Transactions Affected by the Coronavirus 14 April 2020
    (cc) Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19 14 April 2020
    (dd) OCC Announces Paycheck Protection Program Listening Sessions 14 April 2020
    (ee) Consolidated Reports of Condition and Income : Revisions to the FFIEC Call Reports and FFIEC 101 for the March 31, 2020, Report Date 10 April 2020
    (ff) Capital Treatment for Paycheck Protection Program : Interim Final Rule 9 April 2020
    (gg) Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility 9 April 2020
    (hh) OCC Bulletin 2020-35 Troubled Debt Restructurings : Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by COVID-19 (Revised) 7 April 2020
    (ii) OCC Bulletin 2020-34 Bank Secrecy Act/Anti-Money Laundering : OCC Supports FinCEN’s Regulatory Relief and Risk-Based Approach for Financial Institution Compliance in Response to COVID-19 7 April 2020
    (jj) News Release NR 2020-50 Agencies Issue Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus 7 April 2020
    (kk) News Release NR 2020-49 Agencies Announce Changes to the Community Bank Leverage Ratio 6 April 2020
    (ll) Bulletin 2020- 33 Community Bank Leverage Ratio : Interim Final Rules 6 April 2020
    (mm) News Release NR 2020-48 Federal Agencies Encourage Mortgage Servicers to Work With Struggling Homeowners Affected by COVID-19 3 April 2020
    (nn) Bulletin 2020-32  Mortgage Servicing : Joint Statement on Supervisory and Enforcement Practices Related to Provisions of the CARES Act 3 April 2020
    (oo) News Release NR 2020-47: Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period 2 April 2020
    (pp) OCC Bulletin 2020-30 Regulatory Capital : Joint Statement on the Interaction of the Revised Transition of the CECL Methodology for Allowances With Section 4014 of the CARES Act 31 March 2020
    (qq) OCC Bulletin 2020-29 Credit Concentrations : Joint Statement on Adjustment to the Calculation for Credit Concentration Ratios Used in the Supervisory Approach 30 March 2020
    (rr) OCC Bulletin 2020-28 Standardized Approach for Counterparty Credit Risk : Notice to Allow Early Adoption 27 March 2020
    (ss) OCC Bulletin 2020-27 Current Expected Credit Losses : Interim Final Rule 27 March 2020
    (tt) News Release NR 2020-43 Statement of the Comptroller of the Currency on the Enactment of the Nation’s Stimulus Package 27 March 2020
    (uu) News Release NR 2020-42 Agencies Announce Two Actions to Support Lending to Households and Businesses 27 March 2020
    (vv) OCC Bulletin 2020-26 Interest Rate Risk : Revised Comptroller’s Handbook Booklet 26 March 2020
    (ww) OCC Bulletin 2020-25 Small-Dollar Lending : Joint Statement Encouraging Responsible Small-Dollar Lending in Response to COVID-19 26 March 2020
    (xx) News Release NR 2020-41 Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19 26 March 2020
    (yy) News Release NR 2020-40 Federal Agencies Encourage Banks, Savings Associations and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19 26 March 2020
    (zz) Speech Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19 26 March 2020
    (aaa) OCC Bulletin 2020-23 Consolidated Reports of Condition and Income : 30-Day Grace Period for the March 31, 2020, Call Report Date 25 March 2020
    (bbb) OCC Bulletin 2020-23 Pandemic Planning : Essential Critical Infrastructure Workers in the Financial Services Sector 25 March 2020
    (ccc) Troubled Debt Restructurings : Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by COVID-19 23 March 2020
    (ddd) Short-Term Investment Funds : Interim Final Rule and Order 23 March 2020
    (eee) Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19 22 March 2020
    (fff) Licensing Filings : Use of Electronic Methods for Submission of Licensing Filings 20 March 2020
    (ggg) Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility 19 March 2020
    (hhh) Pandemic Planning : Joint Questions and Answers Regarding Statement About the Use of Capital and Liquidity Buffers 19 March 2020
    (iii) Money Market Liquidity Facility : Interim Final Rule 19 March 2020
    (jjj) Pandemic Planning : Joint Statement on Community Reinvestment Act Consideration for Activities in Response to COVID-19 19 March 2020
    (kkk) Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses 17 March 2020
    (lll) Consolidated Reports of Condition and Income : Supplemental Instructions for Nonaccrual Treatment of Purchased Credit-Deteriorated Assets 16 March 2020
    (mmm) Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window 16 March 2020
    (nnn) Pandemic Planning: Working With Customers Affected by Coronavirus and Regulatory Assistance 13 March 2020
    (ooo) Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus 9 March 2020
    (ppp) Pandemic Planning : Updated FFIEC Guidance 6 March 2020

     

    3. Securities and Exchange Commission (SEC) Resources
    (a) Temporary Amendments to Regulation Crowdfunding; Extension 28 August 2020
    (b) Conditional Exemptive Order: Granting Exemptions from Certain Rules Related to the Sale and Delivery of Physical Securities under Regulation SHO Related to COVID-19 25 Aug 2020
    (c) Risk Alert: Select COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers 12 August 2020
    (d) Staff Statement: Regarding Temporary International Mail Service Suspensions to Certain Jurisdictions Related to the COVID-19 Pandemic 24 June 2020
    (e) Disclosure Considerations Regarding Operations, Liquidity, and Capital Resources – Disclosure Guidance Topic No. 9A 23 June 2020
    (f) Updated Staff Statement: Regarding Requirements for Certain Paper Submissions in Light of COVID-19 Concerns (replaces the April 2, 2020 Staff Statement) 18 June 2020
    (g) Temporary Conditional Exemption: Certain Activities of Registered Municipal Advisors 16 June 2020
    (h) Extension of Conditional Exemptive Order: Relief for Registered Transfer Agents and Certain Other Persons Affected by COVID-19 27 May 2020
    (i) SEC No-Action Letter: Reaffirming 2009 Letters re registered investment companies and business development companies 27 May 2020
    (j) Order Granting a Conditional Exemption from Exchange Act Section 11(d)(1) for Certain Asset Backed Securities and Other Collateral 15 May 2020
    (k) COVID-19 Market Monitoring Group — Update and Current Efforts 13 May 2020
    (l) COVID-19 Related FAQs 4 May 2020
    (m) Statement by Chairman Jay Clayton and Rebecca Olsen (Director, Office of Municipal Securities): The Importance of Disclosure for our Municipal Markets 4 May 2020
    (n) SEC Provides Temporary, Conditional Relief to Allow Small Businesses to Pursue Expedited Crowdfunding Offerings SEC Temporary Final Rule 4 May 2020
    (o) Staff Guidance: New Frequently Asked Questions Concerning the COVID-19 Pandemic and the Broker-Dealer Financial Responsibility Rules 22 April 2020
    (p) SEC Provides for Phased CAT Broker-Dealer Reporting Timelines with Conditional Exemption for Impacts of COVID-19 20 April 2020
    (q) Division of Investment Management Frequently Asked Questions Regarding COVID-19 Response  14 April 2020
    (r) Division of Investment Management Staff Statement on Importance of Delivering Timely and Material Information to Investment Company Investors 14 April 2020
    (s) Division of Corporation Finance Statement Regarding Requirements for Form 144 Paper Filings in Light of COVID-19 Concerns 10 April 2020
    (t) Division of Investment Management Staff Statement on Hearing Requests on Applications Filed Under the Investment Company Act of 1940 and Investment Advisers Act of 1940 8 April 2020
    (u) Conditional Exemptive Order: Providing Temporary Relief for Business Development Companies Making Investments in Small and Medium-sized Businesses 8 April 2020
    (v) SEC Office of Compliance Inspections and Examinations Publishes Risk Alerts Providing Advance Information Regarding Inspections for Compliance with Regulation Best Interest and Form CRS 7 April 2020
    (w) Staff Guidance: Exchange Act Forms, Section 112. Form 40-F (Question 112.02) 6 April 2020
    (x) Staff Guidance: Exchange Act Forms, Section 104. Form 10-K (Question 104.18) 6 April 2020
    (y) Statement from the Chief Accountant: The Importance of High-Quality Financial Reporting in Light of the Significant Impacts of COVID-19 3 April 2020
    (z) Statement by Chairman Clayton: Investors Remain Front of Mind at the SEC: Approach to Allocation of Resources, Oversight and Rulemaking; Implementation of Regulation Best Interest and Form CRS 2 April 2020
    (aa) Press Release Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period 2 April 2020
    (bb) Public Statement of SEC Chairman Jay Clayton for FSOC Open Meeting 26 March 2020
    (cc) Staff No Action Letter: Affiliated Purchases of Debt Securities under Section 17(a) of the Investment Company Act 26 March 2020
    (dd) Conditional Exemptive Order: Providing Conditional Regulatory Relief for Registered Municipal Advisors Affected by the Coronavirus Disease 2019 26 March 2020
    (ee) Temporary Final Rule: Providing Temporary Relief for the Form ID Notarization Process and for Issuers Subject to Reporting Obligations Pursuant to Regulation A and Regulation Crowdfunding 25 March 2020
    (ff) Exemptive Relief: Granting Application by The Financial Information Forum and Security Traders Association for a Temporary Exemption Pursuant to rule 606(c) of Regulation NMS 25 March 2020
    (gg) Staff Guidance: Providing Guidance Regarding Disclosure and Other Securities Law Obligations That Companies Should Consider With Respect to COVID-19 and Related Business and Market Disruptions  25 March 2020
    (hh) SEC Extends Conditional Exemptions From Reporting and Proxy Delivery Requirements for Public Companies, Funds, and Investment Advisers Affected By Coronavirus Disease 2019 (COVID-19) 25 March 2020
    (ii) Staff Statement: Regarding Rule 302(b) of Regulation S-T in Light of COVID-19 Concerns 24 March 2020
    (jj) Conditional Exemptive Order: Relief for Registered Transfer Agents and Certain Other Persons Affected by COVID-19 23 March 2020
    (kk) Conditional Exemptive Order: Temporary Additional Flexibility to Registered Investment Companies Affected by Coronavirus 23 March 2020
    (ll) Conditional Exemptive Order: Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder to Registered Transfer Agents and Certain Other Persons 20 March 2020
    (mm) Immediate Effectiveness of Proposed Rule Change: Facilitating NYSE Electronic Auctions in Light of Temporary Closure of Physical Trading Floor 20 March 2020
    (nn) Staff No Action Letter: Affiliated Purchases Under Rule 17a-9 of the Investment Company Act 19 March 2020
    (oo) Approval Order of Exemptive Request Letter Related to Customer and Account Information 17 March 2020
    (pp) Staff No Action Letter:  Consolidated Audit Trail Reporting 16 March 2020
    (qq) Staff Guidance: New and Updated Frequently Asked Questions for Investment Advisers on: Conducting Investment Advisory Business from a Temporary Location (Form ADV Item 1.F) & Inadvertent Adviser Custody During a Temporary Office Closure (Question II.1) 16 March 2020
    (rr) Immediate Effectiveness of Proposed Rule Change:  Facilitating Continued Operations of the Cboe Options Exchange In Light Of Temporary Suspension of Cboe Physical Trading Floor 14 March 2020
    (ss) Conditional Exemptive Order: Targeted Action to Assist Funds and Advisers, Permit Virtual Board Meetings and Provide Conditional Relief From Certain Filing Procedures for Funds and Investment Advisers Affected by COVID-19 13 March 2020
    (tt) Staff Guidance:  Promoting Continued Shareholder Engagement, Including at Virtual Annual Meetings, for Companies and Funds Affected by COVID-19 13 March 2020
    (uu) Staff Statement: Fund Board Meetings and Unforeseen or Emergency Circumstances Related to COVID-19 4 March 2020
    (vv) Conditional Exemptive Order: Providing Conditional Regulatory Relief and Assistance for Companies Affected by COVID-19 4 March 2020
    (ww) Statement on Coronavirus – Reporting Considerations and Potential Relief (Joint Statement of SEC and Public Company Accounting Oversight Board,) 19 February 2020

     

    4. Financial Industry Regulatory Authority (FINRA) Resources
    (a) SR-FINRA-2020-027 Proposed Rule Change to Temporarily Amend FINRA Rules 1015, 9261, 9524 and 9830 to Permit OHO and NAC Hearings Under Those Rules to Be Conducted by Video Conference 31 August 2020
    (b) SR-FINRA-2020-026 Temporary Extension of the Limited Period for Registered Persons to Function as Principals (Rule 1210) and for Persons to Function as Operations Professionals (Rule 1220) 28 August 2020
    (c) SR-FINRA-2020-022 Proposed Rule Change to Further Extend the Expiration Date of the Temporary Amendments Set Forth in SR-FINRA-2020-015 27 July 2020
    (d) SR-FINRA-2020-019 Proposed Rule Change to Temporarily Extend the Time to Complete Office Inspections under FINRA Rule 3110 (Supervision) 19 June 2020
    (e) Regulatory Notice 20-16 FINRA Shares Practices Implemented by Firms to Transition to, and Supervise in, a Remote Work Environment During the COVID-19 Pandemic 28 May 2020
    (f) How to Protect Yourself and Your Firm From Cyberattacks When Working From Home During COVID-19 19 May 2020
    (g) SR-FINRA-2020-015 Proposed Rule Change to Temporarily Amend Certain Timing, Method of Service and Other Procedural Requirements in FINRA Rules During the Outbreak of the Coronavirus Disease (COVID-19) 8 May 2020
    (h) Regulatory Notice 20-13 FINRA Reminds Firms to Beware of Fraud During the Coronavirus (COVID-19) Pandemic 5 May 2020
    (i) Market Structure & COVID-19: Handling Increased Volatility and Volumes 28 April 2020
    (j) Information Notice: Cybersecurity Alert: Measures to Consider as Firms Respond to the Coronavirus Pandemic (COVID-19) 26 March 2020
    (k) Frequently Asked Questions Related to Regulatory Relief Due to the Coronavirus Pandemic 18 March 2020
    (l) Uniform Practice Advisory 06-20: Pandemic-Related Guidance in Connection with Company-Related Action Submissions 12 March 2020
    (m) Regulatory Notice 20-08: Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief 9 March 2020

     

    5. Commodity Futures Trading Commission (CFTC) Resources
    (a) COVID-19 Related Relief – providing links to pdf versions of all CFTC letters granting temporary relief for designated market participants in response to the COVID-19 pandemic:
    (i) CFTC Letter No. 20-26: Further Extension of Relief Provided in CFTC Staff Letters Nos. 20-02, 20-03, 20-04, 20-05, 20-06, 20-07, and 20-09, each issued on March 17, 2020, and extended by CFTC Staff Letter 20-19, issued on June 9, 2020. (Exp. Jan. 15, 2021) 11 September 2020
    (ii) CFTC Letter No. 20-20: Further Extension of Relief Provided in Letter 20-16. (Exp. Sept. 30, 2020) 14 July 2020
    (iii) Interim Final Rule Voting Draft: Further Extension of Relief for Margin Requirements for Uncleared Swaps 28 May 2020
    (iv) CFTC Letter No. 20-16: Temporary Relief for Persons Required to Submit Fingerprints in Connection with Applying for Registration as an Associated Person or Being Listed as a Principal of a Registrant 24 April 2020
    (v) CFTC Letter No. 20-15: Temporary Relief for Futures Commission Merchants and Introducing Brokers to Address Net Capital Treatment of Covered Loans under the CARES Act 23 April 2020
    (vi) CFTC Letter No. 20-12: Temporary Relief for Foreign Brokers Exempt Pursuant to Commission Regulation 30.5 to Handle U.S. Futures Market Orders 31 March 2020
    (vii) CFTC Letter No. 20-11: Temporary Relief for Commodity Pool Operators 20 March 2020
    (viii) CFTC Letter No. 20-10: Temporary Relief for an Insured Depository Institution Permitting Certain Commodity Swaps to be Excluded in the Major Swap Participant Registration Threshold Calculation 20 March 2020
    (ix) Final Rule: Extension of Relief for Initial Margin Requirements for Uncleared Swaps (85 FR 19878) 18 March 2020
    (x) CFTC Letter No. 20-09: Temporary Relief for Designated Contract Markets 17 March 2020
    (xi) CFTC Letter No. 20-08: Temporary Relief for Swap Execution Facilities 17 March 2020
    (xii) CFTC Letter No. 20-07: Temporary Relief for Swap Execution Facilities 17 March 2020
    (xiii) CFTC Letter No. 20-06: Temporary Relief for Swap Dealers 17 March 2020
    (xiv) CFTC Letter No. 20-05: Temporary Relief for Retail Foreign Exchange Dealers 17 March 2020
    (xv) CFTC Letter No. 20-04: Temporary Relief for Floor Brokers 17 March 2020
    (xvi) CFTC Letter No. 20-03: Temporary Relief for Futures Commission Merchants and Introducing Brokers 17 March 2020
    (xvii) CFTC Letter No. 20-02: Temporary Relief for Members of Designated Contract Markets and Swap Execution Facilities 17 March 2020

     

    6. Department of Justice (DOJ) Resources
    (a) Merger Review Process Changes 17 March 2020

     

    7. Federal Trade Commission (FTC) Resources
    (a) International Competition Network Statement Regarding COVID-19 Pandemic 9 April 2020
    (b) Antitrust review at the FTC: staying the course during uncertain times 6 April 2020
    (c) FTC to Resume Processing HSR Early Termination Requests on March 30 27 March 2020
    (d) Federal Trade Commission and Justice Department Announce Expedited Antitrust Procedure and Guidance for Coronavirus Public Health Efforts 24 March 2020
    (e) Agency Response to Coronavirus Challenges 17 March 2020
    (f) COVID-19 – Guidance for Filing Parties 17 March 2020
    (g) Premerger Notification Office Implements Temporary e-Filing System 13 March 2020

     

    8. Consumer Financial Protection Bureau (CFPB) Resources
    (a) Consumer Financial Protection Bureau Report Examines Early Impact of Pandemic on Consumer Credit 31 August 2020
    (b) CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships 23 June 2020
    (c) Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers 3 June 2020
    (d) CFPB Takes Action to Help Struggling Homeowners Seeking Mitigation Efforts; Consumers Seeking Small-Dollar Loans 22 May 2020
    (e) CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt 19 May 2020
    (f) Director Kraninger Remarks During Financial Stability Oversight Council Meeting 15 May 2020
    (g) Consumer Financial Protection Bureau Outlines Responsibilities of Financial Firms During Pandemic 13 May 2020
    (h) Consumer Financial Protection Bureau Issues Final Remittance Rule 11 May 2020
    (i) Consumer Financial Protection Bureau Issues Clarifications to Support Small Business Applying for PPP Loans 6 May 2020
    (j) Consumer Financial Protection Bureau Report Shows Substantial Decline in Credit Applications in March 1 May 2020
    (k) Consumer Financial Protection Bureau Advisory Committees to Meet on May 1, 2020 20 April 2020
    (l) Consumer Financial Protection Bureau Issues Final Rule Raising Data Reporting Thresholds Under the Home Mortgage Disclosure Act 16 April 2020
    (m) CFPB and FHFA Announce Borrower Protection Program 15 April 2020
    (n) Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19 14 April 2020
    (o) Consumer Financial Protection Bureau Announces Guidance on Remittance Transfers During COVID-19 Pandemic 10 April 2020
    (p) Agencies Issue Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus 7 April 2020
    (q) Help for small businesses during the COVID-19 pandemic 6 April 2020
    (r) CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic (with link to Statement on Practices regarding Fair Credit Reporting Act) 1 April 2020
    (s) Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (26 March 2020) 26 March 2020
    (t) Statement on Supervisory and Enforcement Practices Regarding Bureau Information Collections for Credit Card and Prepaid Account Issuers (26 March 2020) 26 March 2020
    (u) Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act (26 March 2020) 26 March 2020
    (v) Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (22 March 2020) 22 March 2020

     

    9. State Regulators
    (a) New York Department of Financial Services Resources
    (i) Industry Guidance
    A. Guidance to New York State-Regulated Financial Institutions Regarding Support for New York Consumers Impacted by the Novel Coronavirus (COVID-19) 17 June 2020
    B. Guidance to New York State-Regulated Consumer Credit Reporting Agencies Regarding Support for New York Consumers Impacted by the Novel Coronavirus (COVID-19) 17 June 2020
    C. Order Granting Temporary Relief to COVID-19 Affected Regulated Servicers 12 June 2020
    D. Guidance to Department of Financial Services (“DFS”) Regulated Entities Regarding Cybersecurity Awareness During COVID-19 Pandemic 13 April 2020
    E. Guidance to New York State-Regulated Student Loan Servicers Regarding Support for Borrowers Impacted by the Novel Coronavirus (COVID-19) 7 April 2020
    F. Guidance to Insurance Companies and Fraternal Benefit Societies Regarding Delivery of Notices Pursuant to New 11 NYCRR §229.5(a) and 3 NYCRR §405.6(b)(3) 7 April 2020
    G. Community Development Financial Institutions (CDFIs) April 5, 2020
    H. Guidance to Insurance Producers Regarding Electronic Delivery of Notices Pursuant to New 11 NYCRR § 229.5(b) and 3 NYCRR § 405.6(b)(4) April 3, 2020
    I. Paycheck Protection Loan Program April 3, 2020
    J. Current Guidance Regarding Electronic Signatures, Transactions, and Filings with DFS March 26, 2020
    K. Insurance Circular Letter No. 9 (2020): Coronavirus and Insurance Producer Licensing Requirements March 25, 2020
    L. Information for Insurers and Providers on Coverage for Telehealth Services 21 March 2020
    M. Guidance to New York State Regulated and Exempt Mortgage Servicers Regarding Support for Borrowers Impacted by the Novel Coronavirus (COVID-19) 19 March 2020
    N. Guidance to New York State Regulated Financial Institutions Regarding Support for Consumers and Businesses Impacted by the Novel Coronavirus (COVID-19) 19 March 2020
    O. Insurance Circular Letter No. 7 (2020): Guidance to Department of Financial Services (“DFS”) Regulated Insurance Entities Regarding Support for Consumers and Businesses Impacted by Novel Coronavirus (COVID-19) 19 March 2020
    P. Insurance Circular Letter No. 6 (2020): Coronavirus and Telehealth Services 15 March 2020
    Q. Order Granting Temporary Relief to COVID-19 Affected Regulated Entities and Persons 12 March 2020
    R. Guidance to DFS Regulated Institutions Engaged in Virtual Currency Business Activity and Request for Assurance Relating to Operational and Financial Risk Arising from the Outbreak of the Novel Coronavirus (COVID-19) 10 March 2020
    S. Guidance to New York State Regulated Banks, Credit Unions and Licensed Lenders Regarding Support for Businesses Impacted by the Novel Coronavirus 10 March 2020
    T. Guidance to New York State Regulated Institutions and Request for Assurance Relating to Potential Financial Risk Arising from the Outbreak of the Novel Coronavirus 10 March 2020
    U. Guidance to New York State Regulated Institutions and Request for Assurance of Operational Preparedness Relating to the Outbreak of the Novel Coronavirus 10 March 2020
    V. Insurance Circular Letter No. 5 (2020): Guidance to Department of Financial Services (“DFS”) Regulated Insurance Entities and Request for Assurance Relating to Operational and Financial Risk Arising from the Outbreak of the Novel Coronavirus (COVID-19) 10 March 2020
    W. Insurance Circular Letter No. 4 (2020): Cancel For Any Reason Travel Benefits 6 March 2020
    X. Insurance Circular Letter No. 3 (2020); Preparedness for Coronavirus (COVID-19) 3 March 2020
    (ii) Banking Division Emergency Regulation Resources
    A. Reverse Mortgage Loans Emergency and Proposed Repeal of 3 NYCRR 79 and New 3 NYCRR 79; Notice of Emergency Adoption and Proposed Rule Making; Summary; SAPA; Executive Order No. 17 3 June 2020
    B. Third Amendment To 11 NYCRR 185 (Insurance Regulation 27-A) – Credit Life Insurance And Credit Accident And Health Insurance; Third Amendment To 11 NYCRR 187 (Insurance Regulation 27-C) – Credit Unemployment Insurance; New 11 NYCRR 229 (Insurance Regulation 216) – Insurer Practices During The Covid-19 Pandemic; Amendment To 3 NYCRR 405 – Premium Finance Agencies: Consolidated Emergency Measure; Notice of Emergency Adoption; SAPA; Executive Order No. 17 30 March 2020
    C. Emergency Relief for New Yorkers Who Can Demonstrate Financial Hardship as a Result Of COVID-19: Emergency Adoption of new Part 119 to NYCRR 3; Notice of Emergency Adoption; SAPA; Executive Order No. 17 24 March 2020
    D. Rules Governing The Procedures For Adjudicatory Proceedings Before The Department Of Financial Services: Emergency Adoption for Insurance Regulation No. 3 and 97, Repeal of 11 NYCRR 4; Repeal of 3 NYCRR Supervisory Procedure G 111; and 23 NYCRR 2; Notice of Emergency Adoption; SAPA; Executive Order No. 17 16 March 2020
    E. Servicing Mortgage Loans: Business Conduct Rules: Emergency Adoption of 3 NYCRR 419; Notice of Emergency Adoption Rule Making; SAPA; Executive Order No. 17 13 March 2020
    F. Reverse Mortgage Loans: Emergency and Proposed Repeal of 3 NYCRR 79 and New 3 NYCRR 79; Notice of Emergency Adoption and Proposed Rule Making; Summary; SAPA; Executive Order No. 17 5 March 2020

     

    Thought Leadership – Additional Resources

    Mayer Brown attorneys have written numerous Legal Updates, describing various aspects of the U.S. federal response to the COVID-19 virus. These resources include the following recent publications: