Coronavirus

Fed's conundrum: Whether to remove Wells Fargo's asset cap

04/01/20

Amid the coronavirus emergency, the central bank may have to decide at what point the imperatives of an economic crisis outweigh the requirements of its most severe enforcement action in recent memory.

[more]

CFPB clarifies credit reporting procedures in light of coronavirus

04/01/20

The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.

[more]

Bank of America lets 50,000 mortgage borrowers skip payments

04/01/20

Bank of America said it has agreed to allow 50,000 mortgage customers to defer payments for three months because they've lost income as a result of the pandemic.

[more]

How the coronavirus response could transform SBA

04/01/20

The pandemic may force the Small Business Administration to rely more on fintechs and digital channels to hasten loan approvals, a shift that could stick.

[more]

COVID-19: Small Business Bankruptcy Relief

04/01/20

Last week, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, implementing broad relief for individuals and businesses affected by COVID-19.  One of the sections of the CARES Act receiving less attention is a temporary amendment to the Bankruptcy Code to provide streamlined reorganization procedures for businesses with debt of less than $7.5 million. 

[more]

How Can the CARES Act Help My Tribe? A Briefing on Economic Stimulus for Tribes

04/01/20

Tribal leaders and federal officials this week will begin the task of implementing the economic relief programs of the Coronavirus Aid, Relief and Economic Security Act (or “Act”) passed by Congress on March 27, 2020.  The U.S. Department of the Interior will host the first consultations  with Tribes to discuss funding formulas and eligibility rules of the $8 billion Tribal Stabilization Fund through a teleconference on Thursday, April 2, and on Thursday, April 9.

[more]

FHFA chief: Coronavirus-related delinquencies could outnumber subprime

04/01/20

Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.

[more]

Can banks help rescue country without undercutting themselves?

04/01/20

In supporting the economic recovery from the coronavirus pandemic, lenders have a chance to restore public trust damaged in the last financial crisis. But they face tough decisions on dividend cuts, executive pay, furloughs and deeper changes to their business model in the process.

[more]

Five lenders withdraw from U.K.'s coronavirus rescue plan

04/01/20

The firms say they can't handle crushing loan demand from small and medium-sized businesses.

[more]

How fintech can save small businesses on the brink

04/01/20

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

[more]