The extension to Aug. 8 was offered by Senator Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.
Reading Cooperative Bank recently launched a program that aims to hire young Black and Hispanic adults from low-income communities. Its leaders say it’s part of a broad strategy to develop new pipelines of talent and better serve low-income communities.
Federal Reserve Chairman Jerome Powell said about 300 lenders have signed on to the program and that the central bank is committed to making adjustments that could attract more borrowers.
Chris Dodd and Barney Frank said the legislation — nearing its 10th anniversary — put banks in position to be a stabilizing force during the coronavirus crisis.
Six of the eight regional banks that announced their stress capital buffers on Tuesday said they will need just a 2.5% cushion to weather an economic downturn. All eight said they’ll keep their dividends steady.
Lenders are selling their Paycheck Protection Program loans or hiring outside companies to navigate the process in an effort to reduce risk and avoid overloading their employees.
I have a new white paper out from the Roosevelt Institute's Great Democracy Initiative. The paper, which is co-authored with Lindsay Owens and Ganesh Sitaraman, proposes a standing emergency economic stabilization authority to provide an off-the-shelf immediately available response to common problems that recur in national economic crises.
The New York State Department of Financial Services issued a letter Tuesday reminding lenders of amendments to the state's Community Reinvestment Act, under which banks are evaluated on how they meet the credit needs of businesses owned by women and minorities.
