Fannie, Freddie Revise Coronavirus Servicing Guidance to Reflect CARES Act Changes
Fannie Mae and Freddie Mac have issued updates to their servicing guidelines for servicers working with borrowers affected by the coronavirus pandemic.
Fannie Mae and Freddie Mac have issued updates to their servicing guidelines for servicers working with borrowers affected by the coronavirus pandemic.
The nation’s banks are playing a vital role in delivering coronavirus relief funds to struggling businesses, American Bankers Association President and CEO Rob Nichols said in an interview on Bloomberg Radio today.
The Federal Reserve is deploying its emergency lending powers to “an unprecedented extent,” Federal Reserve Chairman Jerome Powell said in a speech this morning.
As reported earlier this week, the Federal Reserve is creating a lending facility for banks providing loans under the Paycheck Protection Program.
As banks manage the risks associated with physical transmission of the novel coronavirus, ABA SVP Paul Benda has authored a paper summarizing the current science on the risk of transmission through contaminated surfaces, such as ATM keypads and U.S. currency.
The OCC and FDIC have taken a “significant step” toward modernizing the Community Reinvestment Act regulations with their recent proposal to update the 30-year old framework, the American Bankers Association and 51 state associations said today
The near-term U.S. economic outlook “deteriorated sharply” and became “profoundly uncertain,” prompting the Federal Open Market Committee to drop interest rates to near zero over the course of two unscheduled policy actions in early and mid-March
Newly added FAQs from the Small Business Administration and the Treasury Department address two challenges with the Paycheck Protection Program that the American Bankers Association and the state bankers associations have been urgently raising with officials: the promissory note to use with PPP loans and the expectation for a five-day period between loan approval and funding.
The Alternative Reference Rates Committee today recommended a spread adjustment methodology for cash products referencing the London Interbank Offered Rate.
Noting the pivotal role that community development financial institutions play in stabilizing local economies and creating jobs in low- and moderate-income communities, the American Bankers Association and several industry trade groups urged lawmakers to include funding for the Treasury Department’s Community Development Financial Institutions Fund in the next economic stimulus package.