Financial Services Regulatory Actions to Address the Economic Impact of the COVID-19 Pandemic

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Note: This was last updated on August 6, 2020.

The unprecedented economic dislocation caused by the COVID-19 pandemic has prompted comprehensive legislative and administrative responses. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act or Act), signed into law on March 27, 2020, is the largest single piece of recovery legislation in US history. It is the third piece of federal legislation enacted in response to the COVID-19 crisis. Since then, a fourth bill has been passed to provide additional funding and relief, and still more legislation is in the works. In addition, state agencies have moved to implement economic relief at the state level. Simultaneously, federal banking and financial services regulatory agencies—in part guided by their experience during the 2008 economic crisis—have developed their own programs to provide systemic liquidity and financial relief to hard-hit businesses and consumers. These liquidity and funding programs are discussed in our Advisory, "Emergency Federal Financing Programs to Address the Economic Impact of the COVID-19 Pandemic," which can be found here.

© Arnold & Porter Kaye Scholer LLP 2020 All Rights Reserved. This Advisory is intended to be a general summary of the law and does not constitute legal advice. You should consult with counsel to determine applicable legal requirements in a specific fact situation.