Coronavirus: Selected Government Guidance

March 19, 2020

Use the links below to read selected guidance for Government agencies.

Federal Government
Department of Labor
Equal Employment Opportunity Commission (“EEOC”)
The Federal Reserve Board
Commodity Futures Trading Commission (“CFTC”)
Department of Justice (“DOJ”)
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Consumer Financial Protection Bureau
Conference of State Bank Supervisors

Federal Government

A. Centers for Disease Control and Prevention B. Department of Labor C. Equal Employment Opportunity Commission

D. The Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, Consumer Financial Protection Bureau, and Conference of State Bank Supervisors

E. Commodity Futures Trading Commission

F. Department of Justice

G. Federal Deposit Insurance Corporation

  • Statement “encourag[ing] [firms] to take prudent steps” to “assist customers and communities affected” by COVID-19, which include:(1) waiving certain fees, such as ; (2) increasing credit card limits “for creditworthy borrowers”; and (3) “offering payment accommodations, such as allowing borrowers to defer or skip some payments or extending the payment due date.”

H. Federal Reserve Board

  • Supervision and Regulation (“SR”) letter “encourag[ing] [financial institutions] to review” a 2013 SR letter, which:(1) “discusses the supervisory practices that the Federal Reserve System will employ when financial institutions and their customers are affected by ”; and (2) “provides examples of efforts that financial institutions may want to consider in working with affected customers.”
  • Announced actions related to the discount window, intraday credit, bank capital and liquidity buffers and reserve requirements to support the flow of credit to households and businesses.
  • Announcement of the establishment of a Commercial Paper Funding Facility (“CPFF”) to “encourage investors to once again engage in term lending in the commercial paper market.”The CPFF will be “structured as a credit facility” to a special purpose vehicle authorized under section 13(3) of the Federal Reserve Act and provide a “liquidity backstop to U.S. issuers of commercial paper” by purchasing three-month U.S. dollar-denominated unsecured and asset-backed commercial paper rated A-1/P-1 (as of March 17, 2020) “directly from eligible companies” through the Federal Reserve Bank of New York’s primary dealers.
  • Announced coordinated bank activity with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

I. Financial Crimes Enforcement Network

J. Office of Comptroller of Currency

K. Securities Exchange Commission

  • Guidance on proxy notice requirements for changes to annual meetings, virtual meetings and shareholder proposals.
  • Orders providing regulatory relief for funds and investment advisors affected by COVID-19, from certain requirements under the Investment Company Act of 1940 and the Investment Advisers Act of 1940 involving in person votes by boards of directors, as well as certain filing deadlines.
  • Noticed for immediate effectiveness a proposed rule filing submitted by Cboe Exchange, Inc. allowing temporary suspension of trading floor, and transition to all-electronic trading.
  • A summary of select operational initiatives, market-focused actions, guidance and targeted assistance and relief, investor protection efforts and other agency work in response to COVID-19.