HUD: Physical Real Estate Assessment Center Inspections will Resume
Inspections previously paused during COVID-19 outbreak due to health concerns U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced today the Department will resume Real Estate Assessment Center (REAC) inspections of HUD multifamily and public housing properties and units under strict safety protocols during the national recovery from the COVID-19 pandemic. REAC…
OCC: September 2020 Assessments Reduced in Response to COVID-19
The Office of the Comptroller of the Currency (OCC) is reducing assessments in response to the national health emergency related to COVID-19. Assessments due on September 30, 2020, for all OCC-supervised banks will be calculated using the December 31, 2019, Call Report for each institution, rather than the June 30, 2020, Call Report. This change…
FHFA: Multifamily Property Owners in Forebearance Now Required to Inform Tenants of Eviction Suspension and Protections
To increase awareness of available tenant protections, the Federal Housing Finance Agency (FHFA) announced today that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the multifamily property owner’s forbearance and repayment…
FFIEC: Joint Statement on Additional Loan Accomodations Related to COVID-19
This letter announces that the Federal Reserve and the other Federal Financial Institutions Examination Council (FFIEC) members1 have issued the attached Joint Statement on Additional Loan Accommodations Related to COVID-19. This statement discusses risk management principles relevant to institutions that work with their borrowers as loans near the end of initial loan accommodation periods related to COVID-19. The statement includes…
SBA: Readout from Roundtable Discussion with Minority Depository Institutions
On July 30, 2020, U.S. Small Business Administration Administrator Jovita Carranza, Deputy Secretary of the Treasury Justin Muzinich, U.S. and other senior Treasury and SBA officials participated in a roundtable discussion with National Bankers Association Chairman Kenneth Kelly and executives from several minority depository institutions (MDIs). The discussion focused on the MDIs’ experiences as lenders…
EDA: Nearly $145 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: July 30, 2020 – U.S. Department of Commerce Invests $7.8 Million in CARES Act Funding to Boost Capacity of Universities Across Nation to…
FHFA: Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended
August 31, 2020 is new expiration date To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) approved an extension of the temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria set by Fannie Mae and Freddie Mac (the Enterprises). The policy is extended…
Census Bureau: Household Pulse Survey Weekly Data Released
The Census Bureau today released new data from the experimental Household Pulse Survey. The Household Pulse Survey is the result of an effort by the Census Bureau and other federal statistical agencies to document temporal trends in how individuals are experiencing business curtailment and closures, stay-at-home orders, school closures, changes in the availability of consumer goods…
ABA: New Report Examines Construction Lending Immediately Before and After COVID-19
The outlook for bank construction lending was strong prior to the onset of the COVID-19 pandemic, and bankers remain optimistic despite challenges resulting from the health and economic crisis, according to a report released by the American Bankers Association today. More than 90% of bank respondents surveyed at the end of 2019 reported that their…
EDA: Over $49 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: July 24, 2020 – U.S. Department of Commerce Invests $300,000 in CARES Act Funding to Boost University of Tennessee’s Capacity to Help Communities…