CFPB: Report Shows Substantial Decline in Credit Applications in March 2020
A Consumer Financial Protection Bureau (Bureau) report examining the effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March. Applications are measured by the number of credit pulls or “hard inquiries” that lenders perform when a consumer applies for new credit. The report found that between the first and last week…
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…
SBA: Joint Statement on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications
U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the Paycheck Protection Program (PPP) amid continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently: “In order to ensure special access to the PPP loan program for…
CFPB: Paving the Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly
Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic. “The steps we are taking today will help consumers facing financial emergencies obtain access to mortgage credit faster,” said CFPB Director…
SBA: Joint Statement on the Review Procedure for Paycheck Protection Program Loans
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administrator Jovita Carranza issued the following statement today on the Paycheck Protection Program (PPP): “The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans. “We have noted the large number of companies that have appropriately…
EDA: $1 Million Invested to Establish Revolving Loan Fund to Serve Small Businesses in Eastern Idaho
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the East-Central Idaho Planning & Development Association (ECIPDA) of Rexburg, Idaho, to establish a Revolving Loan Fund (RLF) to assist the growth of small businesses in Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison…
FHFA: “No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria
To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum. “During this national health emergency, no one should be worried about losing their home,” said Director Mark Calabria….
OCC: Bulletin Clarifies Documentation of SBA Paycheck Protection Program Loans
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to clarify its statement in OCC Bulletin 2020-44, which is hereby rescinded. Loans made by banks1 under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) are an important part of the federal COVID-19 response program for small business and may qualify for…
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…