Treasury Awards $1.25 Billion in COVID-19 Relief Grants to CDFIs
The Treasury Department today awarded $1.25 billion in COVID-19 relief grants to 863 community development financial institutions through its CDFI Rapid Response Program.
Browsing: Coronavirus
OSHA Updates COVID Guidance for Non-Healthcare Industries
The Occupational Safety and Health Administration on Friday updated its guidance on mitigating and preventing the spread of COVID-19 in the workplace.
Advance to Go
Bankers helped small businesses bridge through to the economic recovery. Now they’re looking at how to help those that may have been left behind—and support a new wave of small business formation.
IRS: Families Eligible for Expanded Child Tax Credit Should File Returns Soon
The Internal Revenue Service today urged all individuals and families who have not yet filed their 2019 or 2020 tax returns to do so as soon as possible so that those who are eligible may begin receiving the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.
Quarles: COVID-19 Proved Forward-Looking Capital Framework ‘Works Effectively’
Given the strong performance of banks throughout the COVID-19 pandemic and resulting economic downturn, regulators should not need to employ “ad hoc and roughly improvised limitations” on the restrictions of capital distributions going forward, Federal Reserve Vice Chairman for Supervision Randal Quarles said in remarks at an industry event today.
Bank Economists Forecast Significant Growth, Return to Full Employment
The nation’s top economists forecast that the economy will grow a robust 7.2% in 2021, before easing to a 3.1% growth rate in 2022, according to the American Bankers Association’s Economic Advisory Committee.
VA Finalizes Rule on Partial Claim Program after Industry Advocacy
The Department of Veterans Affairs last week finalized a rule establishing a new COVID-19 Veterans Assistance Partial Claim Payment Program.
EEOC Updates Vaccination Guidance
The Equal Employment Opportunity Commission on Friday updated its technical assistance question and answer document to confirm that a bank or other employer may offer an incentive to employees to receive a COVID-19 vaccination. If the employer is administering the vaccine, the incentive may not be “so substantial as to be coercive.”
Moynihan: Time to Revisit SLR in Light of Pandemic
Bank of America Chairman and CEO Brian Moynihan told lawmakers today that “it’s important to look at [the Supplemental Leverage Ratio] again and make sure it’s calibrated correctly,” in light of lessons learned from the COVID-19 pandemic.
Rep. Hollingsworth Praises Bank Employees for Efforts During the Pandemic
During a more-than four-hour oversight hearing of the nation’s largest banks today, Rep. Trey Hollingsworth (R-Ind.) commended the 727,000 workers employed by the firms—as well as the 2 million employees working in the U.S. financial services industry—for their efforts during the pandemic.