Coronavirus

Wall Street puts blame on Calabria for blocking mortgage aid

04/13/20

At issue is whether the U.S. should step in now to save nonbank mortgage servicers to head off damage to the housing market.

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Wells Fargo tells business clients to consider other banks for emergency loans

04/13/20

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

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‘Rent strikes’ could wreak further havoc on mortgage system

04/13/20

Tenants have threatened to suspend payments during the pandemic to pressure officials into providing rental assistance, but the effects on multifamily loans would compound concerns about servicers' liquidity and, ultimately, lenders' performance.

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Coronavirus forcing banks to retool summer internships

04/13/20

Reluctant to cancel what have become pipelines for developing talent, banks are delaying start dates or moving programs entirely online.

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Fed stress tests will incorporate 'current events,' Quarles says

04/13/20

The agency's top supervisory official said the Comprehensive Capital Analysis and Review will proceed on schedule, and signaled that the Fed will look at how institutions are responding to fallout from the coronavirus.

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Amid pandemic, state elected officials become de facto bank regulators

04/12/20

In blue states in particular, governors and attorneys general are taking up the mantle of consumer protection during the coronavirus emergency, effectively adding another layer of regulation to the patchwork of state and federal oversight.

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Ginnie Mae launches 'last resort' coronavirus-related liquidity aid

04/11/20

Ginnie Mae will begin taking requests for assistance from issuers who, having exhausted all other options, are having trouble advancing borrowers' principal-and-interest payments to investors amid the pandemic.

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Precautionary and Prudency Measures for Boards Addressing COVID-19 Business Uncertainties

04/10/20

The COVID-19 pandemic has caused unprecedented economic disruptions worldwide.  Businesses that were previously flourishing are now seeing rapid declines in demand and revenue, disruptions in their supply chains, and other operational interferences.  Previously projected business plans for development and expansion may no longer be feasible.  Boards of directors facing these challenges would be well served to review their legal obligations and fiduciary duties as they help guide their companies through these challenges.

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SBA’s Amazon-assisted save, W.Va. bank failure, BofA’s selective lending: Top stories of the week

04/10/20

After opening-day fiasco, SBA upgrades lender portal with Amazon assist; West Virginia’s First State Bank closed by regulators; BofA offers emergency loans to borrowers first, freezing out depositors; and more from this week’s most-read stories.

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BofA defends giving priority to customers in rescue-loan program

04/10/20

Bank of America, which came under fire for prioritizing applications from existing small-business customers, asked a federal judge in Baltimore to reject a request in a lawsuit to temporarily bar it from employing the practice.

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