FDIC: SBA and U.S. Department of Treasury Announce Availability of New Paycheck Protection Program Loans
Summary: The Small Business Administration (SBA) together with the U.S. Department of Treasury announced on April 24, 2020 that the SBA will resume taking applications on the Paycheck Protection Program (PPP) on April 27, 2020. Applicants must already be certified SBA lenders. Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution…
OCC: Credit Administration Bulletin Documentation on SBA Paycheck Protection Program Loans
Summary The Office of the Comptroller of the Currency (OCC) is encouraging banks1 providing loans under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) to prudently document their implementation and lending decisions. Additionally, banks are encouraged to identify and track the PPP loans made to small business borrowers that have annual revenues of $1 million…
SBA: Joint Statement on the Resumption of the Paycheck Protection Program
Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): “We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for…
ABA: Consumer, Banking Groups to Congress Request that Economic Impact Payments Be Exempt from Garnishment
In a letter to congressional leadership today, consumer and banking industry organizations joined together to urge lawmakers to clarify at the earliest possible opportunity that economic impact payments issued by the federal government in response to the coronavirus pandemic should be exempt from otherwise legally binding garnishment orders. “Congress passed the CARES Act to help families purchase…
Census Bureau: New Interactive Data Hub in Response to COVID-19 Released
Today the U.S. Census Bureau released a new resource page on census.gov to help federal agencies, businesses and communities make decisions related to the COVID-19 pandemic. Similar to the Census Bureau’s resource pages created during natural disasters, this resource page includes information on population demographics, economic indicators and businesses. It features a new interactive data hub that centralizes data previously released…
FHFA: FHLBs to Accept Paycheck Protection Program Loans as Collateral
To support small and community banks, the Federal Housing Finance Agency announced that Federal Home Loan Banks (FHLBanks) can accept Paycheck Protection Program (PPP) loans as collateral when making loans, called advances, to their members. FHLBanks can accept loans guaranteed by the Small Business Administration under PPP provided FHLBanks comply with certain safety and soundness…
Federal Reserve: Public Information Available Regarding Programs to Support and Foster Economic Recovery
The Federal Reserve Board outlines the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery Building on its strong record of transparency and accountability around financial reporting and the policymaking process, the Federal Reserve Board on Thursday…
FHFA: Enterprises Will Purchase Qualified Loans in Forbearance to Keep Lending Flowing
To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises). “We are focused on keeping the mortgage market working for current and future homeowners during these challenging times,” said Director…
Census Bureau: New Experimental “Pulse” Surveys to Track Temporal Trends in Housing and Small Businesses During Pandemic
In response to the unprecedented circumstances presented by COVID-19 and the urgent need for data, the U.S. Census Bureau is launching two new experimental surveys to measure temporal social and economic trends in the nation’s small businesses and households over the next three months. Responses from these experimental surveys will be posted within weeks of collection…
FHFA: Service Liquidity Concerns Addressed; Four Month Advance Obligation Loan for Loans in Forbearance
Agency also clarifies that loans under forbearance will remain in MBS Pools Today, the Federal Housing Finance Agency (FHFA) announced the alignment of Fannie Mae’s and Freddie Mac’s (the Enterprises) policies regarding servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans. Once a servicer has advanced four months of missed…