WASHINGTON – Today, the U.S. Department of the Treasury made a number of important announcements on the Payroll Support Program under Title IV of the CARES Act. Since announcing the Payroll Support Program, Treasury has approved over $25 billion in assistance to 352 applicants, supporting hundreds of thousands of American jobs. Approved applicants include […]
Monthly Archives: May 2020
Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity Facility
FIL-56-2020 May 12, 2020 Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity Facility Printable Format: FIL-56-2020 – PDF (PDF Help) Summary: On May 12, 2020, the FDIC Board of Directors authorized publication of a notice […]
Statement from Secretary Steven T. Mnuchin on the Start of Secondary Market Corporate Credit Facility Purchases
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the start of certain Secondary Market Corporate Credit Facility purchases: “Since announcing the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) on March 23, we have seen a dramatic improvement in liquidity and credit market function. Today, the Federal Reserve Bank of New York will begin purchasing shares of eligible U.S.-listed exchange-traded funds in […]
FTC Approves Final Orders Settling Charges that Rent-to-Own Operators Restrained Competition through Reciprocal Purchase Agreements
Following a public comment period, the Federal Trade Commission has approved final orders settling charges that rent-to-own operators Aaron’s Inc., Buddy’s Newco, LLC, and Rent-A-Center, Inc. negotiated and executed reciprocal purchase agreements in violation of federal antitrust law. According to the complaints, which were first announced in February 2020, from June 2015 to May 2018, Aaron’s, Buddy’s, […]
Operator of Deceptive Crowdfunding Scheme Banned from Future Crowdfunding as Part of FTC Settlement
The operator of a deceptive crowdfunding scheme will be banned permanently from engaging in crowdfunding activities as part of a settlement with the Federal Trade Commission over allegations that he used contributors’ funds on himself rather than to deliver the high-tech backpack he promised. In its complaint, the FTC alleged that Douglas Monahan, operating through […]
Slack Announces Date of First Quarter Fiscal Year 2021 Financial Results
SAN FRANCISCO–(BUSINESS WIRE)– Slack Technologies, Inc. (NYSE:WORK) today announced that it will report its financial results for the first quarter of fiscal year 2021, ended April 30, 2020, following the close of the U.S. markets on Thursday, June 4, 2020. Slack will host a conference call that day at 2:00 p.m. Pacific time (5:00 p.m. […]
Federal Financial Regulatory Agencies Issue Interagency Policy Statement on Allowances for Credit Losses and Interagency Guidance on Credit Risk Review Systems
News Release 2020-60 | May 8, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency Four federal financial regulatory agencies have approved a policy statement on allowances for credit losses. The statement will promote consistency in the interpretation and […]
BRP FURTHER STRENGTHENS ITS BALANCE SHEET FLEXIBILITY WITH AN INCREMENTAL US$600 MILLION TERM LOAN
Valcourt, Quebec, May 8, 2020 – BRP (TSX:DOO; NASDAQ:DOOO) announced today that it has entered into an incremental US$600 million term loan maturing in May 2027, further bolstering the Company’s liquidity position. “We have always been diligent in safeguarding the Company’s financial flexibility, and this incremental term loan is another example of this. With our […]
Interagency Policy Statement on Allowances for Credit Losses
FIL-54-2020 May 8, 2020 Interagency Policy Statement on Allowances for Credit Losses Printable Format: FIL-54-2020 – PDF (PDF Help) Summary: The federal financial institution regulatory agencies have jointly issued the attached final Interagency Policy Statement on Allowances for Credit Losses (interagency policy statement). The agencies adopted this policy statement in response to changes in the […]
Interagency Guidance on Credit Risk Review Systems
FIL-55-2020 May 8, 2020 Interagency Guidance on Credit Risk Review Systems Printable Format: FIL-55-2020 – PDF (PDF Help) Summary: The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration have jointly issued the final Interagency Guidance on Credit Risk Review Systems (interagency guidance). The interagency […]