News Topic: CARES Act

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On April 5, the Consumer Financial Protection Bureau (“CFPB”) proposed amendments to Regulation X with the effect of preventing foreclosure on certain residential mortgage loans until January 1, 2022. [1]   With a proposed effective date of August 31, ... Read full article

The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic. ... Read full article

On January 19, 2021, the U.S. ... Read full article

Treasury Secretary Steven Mnuchin approved the extension of the Main Street Lending Program, which offers loans to midsize companies affected by the pandemic, to Jan. 8. ... Read full article

Provisions implemented under the CARES Act that made it easier for institutions to utilize NCUA's Central Liquidity Facility have been extended for a year with the signing of Consolidated Appropriations Act. ... Read full article

The Pennsylvania senator, who will chair the Banking Committee if Republicans hold their majority, agreed to modify an amendment restricting the Federal Reserve’s emergency powers that Democrats had criticized as too extreme. ... Read full article

The amendment backed by Sen. Pat Toomey and other Republicans to block the central bank from reviving CARES Act lending facilities has emerged as a flashpoint in congressional negotiations over pandemic relief. ... Read full article

The Federal Reserve has already agreed to shut down emergency credit programs funded by the Coronavirus Aid, Relief and Economic Security Act, but Sen. Pat Toomey, R-Pa., and others want Congress to ensure the central bank cannot revive them. ... Read full article

This could be the final opportunity for Congress to extend a pair of key measures for credit unions that took effect earlier this year. ... Read full article

Thousands of institutions could lose a safety net on New Year's Day if Congress fails to act before leaving for the holidays. ... Read full article

Tuesday's hearing on the CARES Act was dominated by bickering over Treasury's decision to shut down the Fed's emergency lending facilities, drowning out pleas from some lawmakers for more aid. ... Read full article

The latest bipartisan plan to accelerate the economic recovery would appropriate roughly $300 billion for the Paycheck Protection Program, but the legislative package still faces long odds in the divided Congress. ... Read full article

Treasury Secretary Steven Mnuchin called on the Federal Reserve Thursday to let several of its emergency lending facilities expire at yearend and return unused funds provided by Congress. But the central bank wants the programs to continue. ... Read full article

Underwhelming participation in the middle-market loan program has forced the central bank to reduce the minimum borrowing amount for the third time, to $100,000. ... Read full article

Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed. ... Read full article

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk. ... Read full article

Executives are urging Congress and the White House to prioritize another round of help for businesses amid concerns that the continuing restrictions on reopening could lead to more loan defaults. ... Read full article