The coronavirus pandemic continues to cause economic hardship across the country and poses considerable risk to the economic outlook over the medium term, according to members of the Federal Reserve’s Federal Open Market Committee.
Small businesses are exploring online lending, with 44% saying they looked into the option in the past year and 25% procuring an online loan during that time, according to the JPMorgan Chase Business Leaders Outlook survey released yesterday.
With the passage of a coronavirus relief package that includes a second wave of Paycheck Protection Program funds, the American Bankers Association joined a group of financial trade groups today in requesting the Treasury Department and Small Business Administration issue and finalize all rules and guidance of any PPP enhancements or new small business relief programs.
With the first coronavirus vaccines being rolled out this week, the American Bankers Association wrote to the Centers for Disease Control and Prevention on Thursday reiterating ABA’s position regarding which bank employees it believes should be considered to receive the vaccines alongside other essential workers.
In a letter to House Financial Services and Senate Banking Committee leaders today, ABA and 51 state bankers associations called on lawmakers to extend the troubled debt restructuring provisions in the CARES Act that allow banks to suspend generally accepted accounting principles for COVID-19 related loan modifications.
A group of 35 Republican members of Congress sent a letter to congressional leadership on Friday calling for the extension of the troubled debt restructuring provisions in the CARES act that allow banks to suspend the requirements under generally accepted accounting principles for loan modifications related to COVID-19 that would otherwise be categorized as TDRs.
Rising corporate debt, vulnerabilities in short-term wholesale funding markets and commercial real estate were among several risks flagged by the Financial Stability Oversight Council in its annual report released today. The reported noted that “risks to U.S. financial stability remain elevated compared to last year,” and that “the global outlook for economic recovery is uncertain, depending on the severity and the duration of the ongoing pandemic.”
With COVID-19 continuing to have a widespread effect on the economy, banks could see steep losses in the years ahead—but that shouldn’t stop them from “reimagining the future and making bold bets,” according to a new report released by Deloitte today.
ABA and the Georgia Bankers Association today released a new voter education ad thanking Sen. David Perdue (R-Ga.) for supporting the CARES Act and the Paycheck Protection Program during the coronavirus pandemic.
In a Senate Banking Committee hearing on the coronavirus response today, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin emphasized the importance of additional fiscal support as the economy continues to feel the effects of the COVID-19 pandemic.