Acknowledging the challenges currently facing American workers and retirees as the coronavirus pandemic continues, ABA joined two dozen other trade organizations in a letter to Congress last week seeking immediate relief for retirement plan participants, retirees and employers offering retirement plans.
Loan modifications for borrowers affected by the coronavirus pandemic will not generally be required to be treated as troubled debt restructurings, federal and state banking agencies said today.
As negotiations continued on Capitol Hill this weekend over the latest coronavirus aid package, a group of financial services trade associations—including the American Bankers Association—called for enhancements to SBA and USDA loan programs.
Amid the growing economic fallout from the coronavirus pandemic and public health response, ABA and several other financial trade groups urged the Securities and Exchange Commission to use its statutory authority over public company accounting rules to delay implementation of the Current Expected Credit Loss approach.
In a letter to House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) today, American Bankers Association President and CEO Rob Nichols highlighted bank efforts to provide assistance and relief to borrowers and small business owners facing economic hardships due to the coronavirus pandemic.
After a proposal last year that generated 14,000 comments, the Consumer Financial Protection Bureau expects to issue a final rule this year to address a number of issues related to debt collection, including communication practices and consumer disclosures, according to its annual report to Congress on the Fair Debt Collection Practices Act released today.
In light of the sudden and significant economic changes wrought by the coronavirus pandemic and public health response, FDIC Chairman Jelena McWilliams today asked the Financial Accounting Standards Board to allow banks that have begun implementing Current Expected Credit Loss methodology to postpone it, as well as to impose a CECL moratorium for banks not yet required to implement it.
The FDIC today issued two sets of frequently asked questions addressing banker and consumer concerns related to the coronavirus pandemic.
To help ease the strain on U.S. dollar funding markets and facilitate the supply of credit to households and businesses, the Federal Reserve today established new temporary U.S. dollar swap lines with nine central banks around the globe.
As part of its policy response to the market turmoil triggered by the coronavirus pandemic, the Federal Reserve overnight announced a new Money Market Mutual Fund Liquidity Facility, or MMLF.