OCC: Bulletin Outlines Essential Critical Infrastructure Workers in the Financial Services Sector
Summary: OCC Bulletin 2020-23 The Office of the Comptroller of the Currency (OCC) recognizes the potential for the coronavirus (also referred to as COVID-19) to adversely affect bank1 operations, including the movement of workers responsible for the operations and maintenance of critical infrastructure. On March 19, 2020, the Cybersecurity and Infrastructure Security Agency (CISA) issued a memorandum…
FEMA: Trump Approves Major Disaster Declaration for Louisiana
FEMA announced that federal emergency aid has been made available for the state of Louisiana to supplement the state, tribes and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020, and continuing. The President’s action makes federal funding available for Crisis Counseling for affected individuals…
FEMA: President Trump Approves Major Disaster Declaration for Iowa
FEMA announced that federal emergency aid has been made available for the state of Iowa to supplement state, tribal and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020, and continuing. The President’s action makes federal funding available to state, tribal and eligible local governments…
HUD and Census Bureau: New Residential Sales Report for February 2020
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for February 2020: New Home Sales Sales of new single-family houses in February 2020 were at a seasonally adjusted annual rate of 765,000. This is 4.4 percent (±14.8 percent)* below the revised January…
FHFA: More Than 4.4 Million Homeowners Helped Since Conservatorship
The Federal Housing Finance Agency (FHFA) today released its fourth quarter 2019 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 25,930 foreclosure prevention actions in the fourth quarter of 2019, bringing to 4.407 million the number of troubled homeowners who have been helped during conservatorships. The report also shows that nearly 40 percent…
Federal Reserve: Additional Information Provided to Financial Institutions on How Supervisory Approach Is Adjusted in Light of Coronavirus
The Federal Reserve Board on Tuesday provided additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus. In particular: The Federal Reserve will focus on monitoring and outreach to help financial institutions of all sizes understand the challenges and risks of the current environment; To minimize disruption and…
EDA: $2 Million Invested to Enhance Health Sciences Sector in Kinston, NC
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to Lenoir Community College in Kinston, North Carolina, to support the renovation of the college’s Lloyd Health Science Building. The EDA grant, to be matched with more than $5 million in state funding and…
CFPB: Resources for Consumers During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. “During this difficult time, the Bureau is doing everything it can to facilitate the work of responsible financial companies…
SBA: Automatic Deferment on Existing SBA Disaster Loans Implemented Through End of 2020
Today, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment. “The SBA is looking at every option…
FHFA: Enterprises Authorized to Support Additional Liquidity in the Secondary Mortgage Market
Today, to help support immediate needs for liquidity in the secondary mortgage market, the Federal Housing Finance Agency (FHFA) has authorized Fannie Mae and Freddie Mac (the Enterprises) to enter into additional dollar roll transactions (dollar roll transactions provide mortgage-backed securities investors with short-term financing of their positions, providing liquidity to these investors). Eligible collateral…