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Federal Reserve Board announces, due to the extraordinary disruptions from the coronavirus, that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide ad
April 8, 2020 / Source: FRB
Press Release April 08, 2020 Federal Reserve Board announces, due to the extraordinary disruptions from the coronavirus, that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses For release at 11:30 a.m. EDT Share Due to the extraordinary disruptions from the coronavirus,…
McConnell Statement on Additional Funding for Paycheck Protection Program
April 8, 2020 / Source: Republican Leader
04.07.20 McConnell Statement on Additional Funding for Paycheck Protection Program ‘Even as the CARES Act continues to come online, one such need is already clear: The small-business Paycheck Protection Program needs more funding. This bold legislation from Chairman Marco Rubio, Chairman Susan Collins, Senator Ben Cardin, and Senator Jeanne Shaheen is providing emergency liquidity to…
Bank Secrecy Act/Anti-Money Laundering: OCC Supports FinCEN’s Regulatory Relief and Risk-Based Approach for Financial Institution Compliance in Response to COVID-19
April 7, 2020 / Source: OCC
OCC Bulletin 2020-34| April 7, 2020 Bank Secrecy Act/Anti-Money Laundering: OCC Supports FinCEN’s Regulatory Relief and Risk-Based Approach for Financial Institution Compliance in Response to COVID-19 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of…
Agencies Issue Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus
April 7, 2020 / Source: OCC
News Release 2020-50 | April 7, 2020 Agencies Issue Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus Joint Release Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency The federal financial institution…
Federal Reserve will establish a facility to facilitate lending to small businesses via the Small Business Administration’s Paycheck Protection Program (PPP) by providing term financing backed by PPP
April 6, 2020 / Source: FRB
Press Release April 06, 2020 Federal Reserve will establish a facility to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP) by providing term financing backed by PPP loans For release at 2:00 p.m. EDT Share To facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program…
Agencies announce changes to the community bank leverage ratio
April 6, 2020 / Source: Federal Reserve
April 06, 2020 Agencies announce changes to the community bank leverage ratio The federal bank regulatory agencies today announced the issuance of two interim final rules to provide temporary relief to community banking organizations. The agencies are acting to implement Section 4012 of the Coronavirus Aid, Relief, and Economic Security Act, which requires the…
The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic
April 3, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic Immediate Release April 03, 2020 This notice updates the Financial Crimes Enforcement Network’s (FinCEN’s) March 16, 2020 COVID-19 Notice,[1] provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during…
Media Advisory: Consumer Financial Protection Bureau Releases Video on How Mortgage Forbearance Works Under CARES Act
April 3, 2020 / Source: CFPB
Media Advisory: Consumer Financial Protection Bureau Releases Video on How Mortgage Forbearance Works Under CARES Act APR 03, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic. The Bureau has also issued additional…
FDIC Extends Comment Period on Modernizing Brokered Deposit Restrictions
April 3, 2020 / Source: FDIC
Press Releases FDIC Extends Comment Period on Modernizing Brokered Deposit Restrictions FOR IMMEDIATE RELEASE April 3, 2020 Media contact: Brian Sullivan (202) 898-6534 [email protected] WASHINGTON – In light of the challenges associated with COVID-19, the Federal Deposit Insurance Corporation (FDIC) today announced that it will extend the public comment period for its proposed rule to…
April 3, 2020: FDIC Issues List of Banks Examined for CRA Compliance
April 3, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE April 3, 2020 Media Contact: David Barr Office: (202) 898-6992 Cell: (703) 622-4790 [email protected] The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers…
SBA Paycheck Protection Program Lender Agreement Form
April 3, 2020 / Source: Small Business Administration (SBA)
SBA Paycheck Protection Program (PPP) Interim Final Rule
April 3, 2020 / Source: U.S. Department of the Treasury
This interim final rule announces the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new product, titled the “Paycheck Protection Program,” to the U.S. Small Business Administration’s (SBA’s) 7(a) Loan Program. Section 1106 of the…
Paycheck Protection Program (PPP) Lender Application Form
April 3, 2020 / Source: U.S. Department of the Treasury
New SBA and Treasury Programs Available for Small Business Relief
April 2, 2020 / Source: FDIC
Financial Institution Letters FIL-33-2020 April 2, 2020 New SBA and Treasury Programs Available for Small Business Relief Printable Format: FIL-33-2020 – PDF (PDF Help) Summary: The FDIC is advising financial institutions of multiple forms of relief available in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to small businesses through programs administered by the Small…
Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period
April 2, 2020 / Source: FDIC
Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period Five federal financial regulatory agencies on Thursday announced that they will consider comments submitted before May 1, 2020, on their proposal to modify the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as…
Federal Reserve Board announces temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ab
April 2, 2020 / Source: FRB
Press Release April 01, 2020 Federal Reserve Board announces temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to provide credit to households and businesses For release at 4:45 p.m. EDT Share To ease strains in the Treasury market resulting…
CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic
April 1, 2020 / Source: CFPB
CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic APR 01, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments….
News Release 2020-46: OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations
April 1, 2020 / Source: OCC
News Release 2020-46 | April 1, 2020 OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of March 1, 2020 through March 31, 2020. The list contains only national…
Joint Statement on the Interaction of the CECL Revised Transition Interim Final Rule with Section 4014 of the Coronavirus Aid, Relief, and Economic Security Act
April 1, 2020 / Source: FDIC
Financial Institution Letters FIL-32-2020 March 31, 2020 Joint Statement on the Interaction of the CECL Revised Transition Interim Final Rule with Section 4014 of the Coronavirus Aid, Relief, and Economic Security Act Printable Format: FIL-32-2020 – PDF (PDF Help) Summary: This joint statement clarifies the interaction between the interim final rule that provides a five-year transition…