9.29.20
On Tuesday, September 29, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued two final rules similar to interim rules that were placed earlier this year. The first rule would temporarily defer appraisal and evaluation requirements and allow both businesses and individuals to access real estate equity sooner. The second rule would neutralize the regulatory capital and liquidity coverage ratio effects for institutions participating in the Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility. Both rules are designed to combat the economic downturn caused by the pandemic.