Tag Archive: "CARES ACt"
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Accommodating Loan Modifications
Is your financial institution faced with additional loan modifications for borrowers impacted by COVID-19? Read our insights as you navigate these challenging times.
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Financial Institutions Will Likely Not Qualify for Employee Retention Credit
The CARES Act includes an Employee Retention Credit designed to encourage businesses affected by the COVID-19 crisis to keep employees on their payroll by offering a refundable payroll tax credit of up to $5,000 per employee to help offset salary costs if certain criteria are met. The initial guidance about this new credit was limited, […]
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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.