Publications & Events

As the COVID-19 outbreak continues to escalate, ensuring wellbeing of employees is paramount, but it is not the only challenge. There is a vast sway of operational and legal issues that businesses must address, too.

US federal financial regulators are taking important actions that affect US and non-US financial institutions, financial services providers, consumers, and the global economy. Our summary of recent, notable regulatory actions follows.

US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, financial services providers, consumers, and the global economy. State and local governments are also taking other public health focused actions in response to the crisis.

The Federal Reserve Board (FRB) and the central banks of other jurisdictions are authorized to take certain open market actions to stabilize their respective currencies. 

The United States Congress has passed, and continues to consider, legislative measures that, in addition to addressing the public health crisis, include massive fiscal stimulus proposals not seen since the 2008 global financial crisis. Recent legislation has also had provisions of specific importance to US financial institutions as well as non-US financial institutions with U.S. operations.

The following is a summary of the liquidity facilities that the FRB has recently made available, with the approval of the US Treasury Secretary, as is now required under the Dodd-Frank Act. 

In the following tracker table, we set out an overview of liquidity and monetary policy measures announced by the UK government and regulatory authorities in the context of the on-going COVID-19 crisis.

The Families First Coronavirus Response Act provides for paid sick leave and expanded family or medical leave benefits to employees, and payroll tax credits to employers in respect of such benefits. The US Department of Labor is issuing rolling guidance regarding the Response Act that includes information regarding, among other things, whether furloughed employees are eligible for such benefits.

Authorities can't stick their head in the sand – they have to consider different types of evidence

Section 708 of the Defense Production Act

In response to the universal COVID-19 public health emergency, the Governing Council of the European Central Bank (ECB) has called upon Member States’ governments and the European institutions to take timely and targeted actions to mitigate both the COVID-19 public health adverse impact and its economic repercussions.

Unprecedented aid is available for US aviation industry participants severely affected by the COVID-19 pandemic