Fed Facilities Could Stay Open, TDR Relief TBD
Today’s HFSC hearing with federal regulators  addressed some of the same ground as the Senate’s session earlier this week (see Client Report RESCUE77), although Acting Comptroller Brooks did not come in for the shellacking on his innovative charters delivered  by Senate Democrats.  Instead, Chairwoman Waters (D-CA) renewed her attack on the OCC’s CRA rule (see Client Report CRA28) and took the other agencies to task for recent “deregulatory” actions, noting that she will work with the Biden Administration to reverse them.  The most substantive new issues discussed today addressed the extent to which the Fed could extend its rescue facilities, with Vice Chairman Quarles signaling that this is possible under current law but may not happen due to ongoing recovery and the Fed’s authority to spend unused funds.

RESCUE78.pdf