Tag Archive: "COVID-19"
-
Savings Transaction Limitations Suspended
This blog is posted on behalf of Lyle Kolosik, Regulatory Compliance Manager. The Federal Reserve Board announced on Friday April 24th an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit” definition. The interim final rule permits depository institutions to […]
-
Federal Banking Agencies Provide Appraisal and Evaluation Deferrals to Expedite Lending
Federal banking agencies issued an interim final rule this week to temporarily defer real estate related appraisals and evaluations under the agencies’ interagency appraisal regulations. The rule provides temporary relief to allow regulated institutions to extend financing to creditworthy households and businesses quickly during the national emergency declared in connection with COVID-19.
-
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.
-
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.
-
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.
-
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.
-
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”).
-
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.
-
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.
-
Paycheck Protection Program- Additional Help Available for Stressed Lenders
Because many financial institutions are experiencing strong interest from current borrowers as well as potential new borrowers to their institution, they are evaluating the need and benefit of seeking the assistance of agents to help ensure more accurate data submission, ensure program compliance, and improve timeliness of application submissions. CLA is here to help financial institutions through the PPP process.