ABA: Congress Should Exempt Stimulus Payments from Court-Ordered Garnishments
Leading financial services trade associations today wrote Congressional leadership requesting that Congress clarify that the CARES Act economic impact payments (also known as stimulus payments) are treated as benefits subject to the federal exemption from garnishment. “America’s banks stand ready to provide full access to funds appropriated for the explicit purpose of helping families make…
EDA: $1 Million Invested to Support Disaster Recovery and Resiliency Efforts in Barnstable County, MA
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Barnstable County, acting through the Cape Cod Commission, Massachusetts, to assess the impact of coastal storms and flooding on the region and to improve local economic planning and response efforts. The EDA grant…
OCC: Paycheck Protection Program Listening Sessions Announced
The Office of the Comptroller of the Currency (OCC) today announced that its Office of Innovation will host three listening sessions on April 16, 20, and 21, to discuss issues and potential solutions relating to the Paycheck Protection Program (PPP) as established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Listening sessions are used to inform…
Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19
The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to…
ABA: Additional PPP Funds Needed for Small Businesses, Employees
Leading financial services trade associations today wrote Congressional leadership calling for Congress to quickly authorize additional funds for the Paycheck Protection Program. Funds from the original $349 billion authorization are expected to be fully obligated soon, leaving out countless small business owners and their employees still awaiting access to the program. “The Small Business Administration’s…
Census Bureau: Statement on 2020 Census Operational Adjustments Due to COVID-19
The 2020 Census is underway and more households across America are responding every day. Over 70 million households have responded to date, representing over 48% of all households in America. In light of the COVID-19 outbreak, the U.S. Census Bureau is adjusting 2020 Census operations in order to: Protect the health and safety of the American public…
HUD: New CAREs Act Multifamily Mortgage Payment Relief Implemented to Maintain and Preserve Affordable Rental Housing
Multifamily borrowers can request up to 90 days of mortgage payment forbearance from their servicer Today, the U.S. Department of Housing and Urban Development (HUD) announced it is issuing new mortgage payment relief guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for borrowers with multifamily mortgages insured by the Federal Housing…
HUD: $16 Million Awarded to Public Housing Authorities to Help Tenants Relocate
Today, U.S. Department of Housing and Urban Development (HUD) awarded $16 million to Public Housing Authorities to provide tenant protection vouchers to Public Housing (Low-Rent) Program assisted residents. These vouchers will help households with relocation or replacement housing when their Public Housing units are slated under a HUD-approved plan for demolition and disposition actions or…
CFPB: Bureau Paves Way for Consumers to Receive Economic Impact Payments Quicker
Today the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers to receive pandemic-relief payments, including the economic impact payments authorized in the CARES Act, through prepaid accounts. Federal, State, and local governments are considering a variety of approaches to providing consumers relief from the economic impacts of the COVID-19 pandemic….
FEMA: President Trump Approves Major Disaster Declaration for Wyoming
FEMA announced that federal emergency aid has been made available for the state of Wyoming 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. Public Assistance Federal funding is available to the state, tribal and eligible local governments…