In the federal government’s ongoing effort to revive the U.S. economy and help people harmed by the economic damage wrought by the coronavirus pandemic, an important detail has gone under-noticed: the most recent set of...more
On December 21, Congress overwhelmingly passed a consolidated bill (H.R. 133) that contains $1.4 trillion in appropriations to keep the federal government funded until October 2021 and $900 billion in coronavirus economic...more
Congress passed additional COVID-19 relief legislation (H.R. 133) on Monday evening, December 21, 2020. Today, President Trump is expected to sign the deal, which includes a $900 billion economic stimulus package that will...more
12/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Eviction ,
Families First Coronavirus Response Act (FFCRA) ,
Foreclosure ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SNAP Program ,
Unemployment Benefits
On August 8, 2020, President Trump signed four executive orders that are designed to provide additional COVID-19 relief as talks on Capitol Hill collapsed on August 7 between White House negotiators and Democratic leaders...more
On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when...more
8/7/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
Interagency Guidance ,
Internal Audit Functions ,
Internal Controls ,
Joint Statements ,
Loan Modifications ,
Loans ,
Risk Management
Recently, the federal banking regulators issued four new sets of examination procedures. The OCC issued two significant examination booklets on sampling methodologies and UDAP/UDAAP, and the federal banking regulators,...more
8/4/2020
/ Banking Regulators ,
Banking Sector ,
CARES Act ,
Comptroller ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Examination Procedures ,
Financial Institutions ,
FRB ,
FTC Act ,
UDAAP ,
UDAP
On May 6, 2020, the CFPB issued an ECOA/Regulation B “Compliance Aid” containing three FAQs that clarify certain issues related to notification of action taken on Small Business Administration (“SBA”) Paycheck Protection...more