FED announced an extension, through March 31, 2021, for several lending facilities that were generally scheduled to expire on or around December 31, 2020. The extension, which has also been approved by the U.S. Treasury Department, will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available through the first quarter of 2021 to help the economy recover from the COVID-19 pandemic. The extension apply to the Paycheck Protection Program (PPP) Liquidity Facility and Commercial Paper Funding Facility, among others. To allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, FED also extended the termination date of the Main Street Lending Program facilities to January 08, 2021.
Effective Date: November 30, 2020
Keywords: Americas, US, Banking, COVID-19, Credit Risk, Paycheck Protection Program, CARES Act, Lending Facility, FED
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticlePRA Finalizes Exit Instrument and Guidance Before Brexit
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.