Amid Nonbank Stress, FHFA Delays GSE Seller/Servicer Proposal
FHFA late yesterday extended the comment deadline on its proposed updates to the minimum financial eligibility requirements for GSE seller/servicers by thirty days. This rule would only exacerbate current industry stress were it finalized any time soon, with finalization in any way even close to the NPR also made problematic by industry distress in the wake of the pandemic.

Fed Pandemic-Impact Analyses: Read When You Feel Up to It
In the midst of all that so grievously ails us, the Federal Reserve Banks have marshalled their researchers to assess pandemic macroeconomic impact. Although researchers rightly caution that their analyses assess pandemics in many countries over the course of time in which medical practice differed substantially, results only make macroeconomic worries still more acute.

FSOC Holding Fire to Counter Mortgage Stress
The long-awaited readout from FSOC’s mortgage task force arrived today with no information beyond the reassurance that relevant government agencies are monitoring mortgage-market conditions. Press reports today indicate that FHFA Director Calabria is confident that mortgage

CFPB Clarifies Credit-Reporting Responsibilities, Risks
The CFPB today issued a policy statement highlighting furnisher responsibilities under the CARES Act, announcing also that it will not take supervisory action against credit bureaus and furnishers that do not resolve consumer disputes within statutory timeframes. As required by the CARES Act, the Bureau expects furnishers to treat consumers that receive COVID-19 payment accommodations as current. The Bureau will work with furnishers to ensure compliance and no supervisory action will be taken if accommodation information is accurately furnished.

Fed Concedes to Crisis Reality, Removes Treasuries, Reserves from SLR
Late this afternoon, the Federal Reserve Board unanimously issued an IFR to exclude Treasury securities and all reserves held at the Fed from the supplementary leverage ratio (SLR) and thus also from at least the added leverage requirements embodied in the enhanced SLR applicable to GSIBs at the parent level.

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