CRS reports via LC: HEROES Act (H.R. 6800): Selected Federal Reserve Provisions, May 26, 2020: On May 15, 2020, the House passed the HEROES Act (H.R. 6800), a wide-ranging Coronavirus Disease 2019 (COVID-19) relief bill. This Insight discusses selected provisions related to the Federal Reserve (Fed). Background – In response to COVID-19, the Fed has taken a number of actions to promote economic and financial stability. Traditionally, the Fed acts as “lender of last resort,”providing solvent banks with short-term liquidity to manage cash flow. In response to the unprecedented economic disruptions posed by the pandemic, the Fed extended that role to nonbank firms and markets to ensure they have continued access to needed funding. In some cases, the Fed provided long-term assistance to borrowers who may not remain solvent if the pandemic persists for an extended time period. To date, the Fed has created nine emergency facilities in response to COVID-19 under its emergency authority found in Section 13(3) of the Federal Reserve Act…”

CRS Report via LC: HEROES Act (H.R. 6800): Selected Consumer Loan Provisions, May 26, 2020: “The economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic has been largely due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and face financial hardship.On May 15, 2020, the House passed the HEROES Act (H.R. 6800), a wide-ranging COVID-19 relief bill. This Insight discusses selected provisions in Division K, Title IV related to consumer loans and the financial services industry…”