COVID-19 regulatory and tax updates
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Regulatory Compliance Relief for Mortgage Servicing Loosens Timeframes but Doesn’t Eliminate Requirements
As COVID-19 continues to impact local economies, financial institutions are faced with the challenge of maintaining a consistent level of compliance with federal and state regulatory guidelines while helping their community and customers through this time of crisis. Though national regulators have offered flexibility in serving customers during this challenging time, the actions taken to date provide limited relief to institutions from a compliance perspective.
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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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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 […]