Interagency Joint FAQs on CRA Consideration for Activities in Response to the Coronaviurs
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued the attached Frequently Asked Questions (FAQ) on CRA consideration for activities in response to the Coronavirus Disease (referred to as COVID-19). This FAQ provides additional clarification of the information included…
Federal Agencies Share Joint Principles for Offering Responsible Small-Dollar Loans
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers’ short-term credit needs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the important role that responsibly offered…
Federal Reserve: Expanded Scope and Eligibility for the Main Street Lending Program Announced
The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before…
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…
Federal Reserve: “Revitalize or Stabilize”: Does Community Development Financing Work?
Daniel Ringo Abstract: Banks in the United States originate $100 billion in community development loans every year and hold a similar amount of community development investments on their balance sheets. A number of federal place-based policies encourage the provision of these loans and investments to promote growth, employment and the availability of affordable housing to…
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…
Federal Reserve: Additional Actions Taken to Provide up to $2.3 Trillion in Loans to Support the Economy
The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. “Our country’s highest priority must be to address…
Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program
The federal bank regulatory agencies today announced an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program, or PPP. The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and provides loans to small businesses so that they can keep their…
Revised Interagency Statement on Loan Modifications for Working with Customers Affected by the Coronavirus
The federal financial institution regulatory agencies (the agencies), in consultation with state financial regulators, issued a revised interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The revised statement also provides the agencies’ views on consumer protection considerations. The revised statement clarifies the interaction…
Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19
The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies’ flexible supervisory and enforcement…