Latest Covid-19 News & Resources
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FDIC and OCC mitigate Covid-19 assessment effects
On June 22, the FDIC and the OCC released separate rules aimed at mitigating the assessment effects of participation in Covid-19 programs. Specifically, the FDIC issued a final rule to limit the deposit insurance effects of participation in the Paycheck Protection Program (PPP), the Paycheck...
InfoBytesBoston Fed updates Main Street Lending Program FAQs
On June 20, the Federal Reserve Bank of Boston updated FAQs for its Main Street Lending Program (see here , here and here for previous coverage). Among other things, new FAQs address the treatment of applicant debt to third party lenders for purposes of calculating outstanding and undrawn debt,...
InfoBytesSBA will release names of most PPP borrowers
On June 19, the Small Business Administration (SBA), in conjunction with the Treasury Department, announced that it will release the business information of certain Paycheck Protection Program (PPP) loan recipients. The SBA responded to bipartisan requests from the leaders of the U.S. Senate Small...
InfoBytesMaryland Department of Labor issues financial relief guide for Marylanders
On June 19, the Maryland Department of Labor’s Office of the Commissioner of Financial Regulation issued the Covid-19 Health Crisis: Financial Relief Guide for Marylanders . Among other things, the guide contains information and resources regarding relief programs for consumers relating to economic...
InfoBytesWashington Department of Financial Institutions amends guidance for state regulated and exempt residential mortgage loan servicers
On June 19, the Washington Department of Financial Institutions issued amended guidance that replaces guidance issued in March to Washington State regulated and exempt residential mortgage loan servicers regarding support for consumers impacted by Covid-19. The amended guidance urges mortgage...
InfoBytesSBA’s Lender Match connects small businesses to small asset lenders
On June 19, the Small Business Administration (SBA) released a dedicated online tool that will match small businesses and non-profits impacted by the Covid-19 pandemic with Community Development Financial Institutions (CDFIs), Minority Depository Institutions, Certified Development Companies, Farm...
InfoBytesKraninger emphasizes need for FCRA and CARES Act compliance
On June 19, CFPB Director Kathy Kraninger spoke during a Consumer Data Industry Association webinar, warning information furnishers and consumer reporting agencies (CRAs) that the Bureau has dedicated significant resources toward enforcement of certain provisions of the CARES Act and the FCRA...
InfoBytesFed vice chairman discusses stress testing adaptability due to Covid-19 pandemic
On June 19, Federal Reserve Vice Chair for Supervision Randal K. Quarles spoke at a meeting of the Women in Housing and Finance regarding adjustments to the Fed’s periodic stress testing of large banks in the wake of Covid-19. Quarles explained that because the Fed lacked the time and comprehensive...
InfoBytesNebraska to accept in person business filings
On June 18, the Nebraska secretary of state announced that its Business Services division will be open to the public for business filings, notarizations, and UCC filings. Appointments are required and masks must be worn for in-person appointments.
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