Memorial Day signified the beginning of summer in many parts of the country, and the slow but steady reopening of business activity in the wake of the coronavirus pandemic. Iowa Superintendent of Banking Jeff Plagge offers ideas for long-term solutions to get struggling businesses back on their feet after the lockdown.
ABA Joins Consumer, Banking Groups in Support for Bill to Prevent Garnishment of Economic Impact Payments
The American Bankers Association today joined with twelve consumer groups and banking industry organizations in supporting a bipartisan bill that would prevent CARES Act economic impact payments from being subject to garnishment by private debt collectors.
To help financial service providers assist struggling borrowers during the coronavirus pandemic, the Consumer Financial Protection Bureau toady issued two no-action letter templates that are intended to help institutions make their own NAL applications for certain consumer financial products and services, as allowed under the CFPB’s innovation policy.
ABA and six other financial trade groups wrote to the Federal Communications Commission yesterday highlighting broad support for an ABA-led petition seeking an expedited declaratory ruling or waiver from the FCC to confirm that financial institutions’ COVID-19-related calls are exempt from the Telephone Consumer Protection Act’s requirements.
As reported by several media outlets earlier this week, Comptroller of the Currency Joseph Otting today announced that he would step down from office on May 29.
To encourage banks and other depository institutions to engage in responsible small-dollar lending, federal financial regulators today issued long-awaited joint guidance for offering these types of loans to consumers and small businesses.
The OCC today issued its long-awaited final rule making significant changes to the regulations implementing the Community Reinvestment Act—the first overhaul of the CRA framework in more than three decades.
In updates to its Paycheck Protection Program FAQs tonight, the Small Business Administration announced that it will extend the deadline for lenders to submit the still-yet-to-be-released Form 1502, which must be completed in order for lenders to receive their processing fee.
Top policymakers today said that they expect the Main Street Lending Program “to be up and running by the end of the month.”
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell flagged risks that could arise if the economic downturn associated with the pandemic continues for an extended time period.