The Consumer Financial Protection Bureau today rescinded seven policy statements that provided temporary flexibilities for financial institutions when serving customers during the COVID-19 pandemic.
The Federal Reserve will continue to keep its target range for the federal funds rate at zero to 0.25% as the COVID-19 pandemic continues, causing “tremendous human and economic hardship across the United States and around the world,” the Federal Open Market Committee said today.
The path of the U.S. economy will continue to depend on the course of the coronavirus and progress in vaccination, according to members of the Federal Open Market Committee.
As expected, the Federal Reserve will continue to keep its target range for the federal funds rate at zero to 0.25% to support the U.S. economy during this “challenging time,” the Federal Open Market Committee said today.
Banks made accommodations to help consumers address pandemic-related hardships beyond what was legally required under the CARES Act, the Consumer Financial Protection Bureau observed in its latest “Supervisory Highlights” report.
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.