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Regulators Provide Regulatory Capital and Liquidity Relief to Banks
As banks across the country rush to process PPP loan applications and help borrowers in financial distress, regulators have issued two important interim final rules in the last week to provide regulatory capital relief and additional liquidity to institutions in the wake of COVID-19. As bank balance sheets swell from increased loan demand, we hope the combination of these new provisions relieves at least some of the stress currently facing institutions.
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It is Not Too Late to Enhance Your Pandemic Plan
As we continue to navigate the challenging times brought on by COVID-19, financial institutions have been rightly focused on employee safety, customer service, and business continuity. But, regulatory statements released to date should remind all institutions of the importance of pandemic planning even as we are in the midst of the current crisis. Just because institutions have quickly adapted to the new realities they are facing, does not mean that additional challenges aren’t around the corner.
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Video: Credit Risk Management in Times of Uncertainty
In today’s video, Todd Sprang, Susan Sabo, and Erica Crain from the CLA Financial Institution team discuss managing credit risk in these uncertain times.
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The Fed Announces New Facilities Which Will Provide Up to $2.3 Trillion in Liquidity with $600 Billion Directed at Main Street
Today the Federal Reserve Banks have announced the formation of two facilities aimed to assist banks, their holding companies and credit unions (“Entities”) in preserving Main Street businesses. The two facilities, the Main Street New Lending Facility (MSNLF) and Main Street Expanded Loan Facility (MSELF) will provide opportunities for entities to sell loans to the […]
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Recording Available: PPP Updates and Insights
This video is a recording of Tuesday’s CLA Livestream in case you missed our live event. Jennifer Rohen, Todd Sprang, and Jack Rybicki cover key updates and insights related to lending through the Paycheck Protection Program (“PPP”). Some of the questions covered include: How has the guidance been clarified and updated? How have financial institutions […]
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Federal Reserve facility to purchase PPP Loans
This blog is posted on behalf of my colleague Susan Sabo, financial institutions principal. On April 6, 2020, the Federal Reserve announced a forthcoming facility to purchase Paycheck Protection Program (PPP) loans from financial institutions. The PPP has evolved quickly over the last week and has faced several challenges, including hesitancy from some financial institutions […]
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Recording Available: PPP for Lenders Livestream
This video is a recording of Monday’s CLA Livestream broadcast in the event you missed our live event. Todd Sprang, Leslie Boyd, and Charlie Cameron cover the key issues facing lenders to date related to lending through the Paycheck Protection Program (“PPP”).
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New York State Guidance on Pandemic Planning May Signal Trend
On March 10, 2020, the New York Department of Financial Services (“NY DFS”) issued four separate industry letters providing guidance to state regulated financial institutions. These letters establish additional requirements to develop and maintain preparedness plans and complete other actions relating to COVID-19.
Since New York is currently the hardest hit state by the virus, these early actions could signal a trend that other agencies will follow as the outbreak progresses.
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Cybersecurity Controls Should Not Be Relaxed As Employees Work from Home
In the face of COVID-19, employers around the world are being challenged to design new ways to allow their employees to remain productive while working from home. Though financial institutions have long been on the forefront of technology, we have seen many institutions struggle to implement widespread work from home initiatives.
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Video: Paycheck Protection Program for Lenders FAQs
This video is the first in a series of videos we will be releasing related on the key issues facing financial institutions in response to COVID-19. Today we address some of the most frequently asked questions we have received to date regarding lending through Paycheck Protection Program.
