Better Markets continues to update TRACERTM, a public resource that we launched last year to track and monitor all of the emergency actions taken by financial regulators in response to the coronavirus crisis.
TRACERTM is divided into four categories: Banking, Securities, Derivatives and Consumer Protection. For each regulatory action, the tracker gives the date, a brief summary of the action, a link to the action and the expiration date, if any, among other information.
Recent updates to TRACER:
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The Federal Reserve Bank has extended relief exempting Paycheck Protection Program loans from restrictions on loans to bank insiders. The rule now applies to loans made through March 31, 2021.
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The Federal Reserve Bank has extended the establishment of a facility to provide term financing backed by Payment Protection Program loans to June 30, 2021.
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The Federal Reserve announced that it will not extend the temporary capital regulatory relief it granted to large banks as the pandemic threw the economy into disarray. It will expire March 31, 2021.
TRACERTM is an invaluable tool for transparency, oversight and accountability. Once the crisis is over, the public will be able to use the TRACERTM to evaluate the regulators’ actions, determine if the stated purpose of the actions was achieved, and police the termination of the actions, particularly those that weaken or rollback key financial reform rules.
To help keep TRACERTM current, complete and accurate, Better Markets created a dedicated email that anyone can send additions or comments to at tracer@bettermarkets.com.
