Coronavirus

CFPB urged to take more active role in coronavirus response

03/30/20

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

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California’s DBO Updates its COVID-19 Guidance for Financial Institutions

03/30/20

On March 16, 2020, California Governor Gavin Newsom released an Executive Order (N-28-20) aimed at protecting renters and homeowners from losing their homes or suffering further financial hardship as a result of the COVID-19 pandemic.

Coronavirus, CARES Act

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Visa says consumer spending has ‘sharply declined,’ even online

03/30/20

The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.

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The CARES ACT – Tax Relief

03/30/20

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” to provide nearly 2 trillion dollars in aid and relief to individuals, businesses, and other entities in the wake of the spread of COVID-19.  Included in the CARES Act are tax and loan provisions intended to provide financial relief to people and businesses suffering as a result of the disease.

The following summarizes certain key tax-related provisions in the CARES Act.

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Oklahoma bank creating program to expedite stimulus funds for clients

03/30/20

Motivated by entrepreneur Mark Cuban, Citizens Bank of Edmond is offering an overdraft line to give customers quick access to cash they will eventually receive from the federal government.

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Preview: How financial and professional services companies are responding to coronavirus

03/30/20

Arizent, the parent company of American Banker, has conducted a broad industry survey on both the impact of the crisis and emerging responses. The survey probed continuity efforts and remote workforce enablement as well as planning and investments being pursued against future potential disruptions.

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Will coronavirus permanently change CRE lending?

03/30/20

Commercial real estate lenders have to consider not only how they’ll weather the COVID-19 downturn, but whether worker and consumer habits have changed for good.

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Wall Street quietly telling companies not to draw their loans

03/30/20

Some corporations are willing to oblige, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones, industry officials say.

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As offices empty out, CRE picture looks bleak

03/30/20

Commercial real estate is facing another crisis as companies shift to work-from-home policies. Banks and regulators should brace themselves.

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Is mortgage industry equipped to implement Washington's forbearance plan?

03/29/20

Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.

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