New PPP: A Whole Lot More Generous Than the Old PPP
As noted, the new, sweeping COVID-stimulus measures include renewed PPP lending and, finally, a one-page forgiveness process for loans of less than $150,000. M

FSB Advances Climate-Risk Disclosures
The FSB today responded to the IFRS Foundation’s September sustainability-reporting consultation, now making clear that global regulators support the Foundation’s approach and encouraging it to use the FSB Task Force on Climate-related Financial Disclosures 2017 recommendations for this sector.

Agencies Give Conditional Relief for Asset-Management Ownership Stakes, More Rules to Come
Reflecting the huge market power of mutual funds, ETFs, and the asset managers that sponsor them, the federal banking agencies today issued a supervisory letter absolving asset managers of control presumptions when holding large positions in a banking organization as long as banks and asset managers satisfy conditions showing that the asset manager in fact does not exercise control over the bank.

Fed Recasts Interest on Reserves to Recognize QE
Modernizing its reserve requirements to reflect their far different configuration due to quantitative easing, the Federal Reserve today formalized an interim final rule setting transaction-account reserves at zero and proposed to simplify the terminology for interest on excess reserves, now using the terminology “interest on reserve balances” or IORB.

FHFA Moves on from GSE Capital, Liquidity to Orderly Resolution
Today, FHFA continued fast-paced action to craft a new regulatory framework for the GSEs in conservatorship and beyond. Moving from its complex and controversial capital rule and last week’s liquidity proposal, the agency today added a proposed approach to GSE resolution planning.