The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.
Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.
Many borrowers will suffer unless the program, the central bank's latest response to the coronavirus pandemic, includes consumer loans issued by fintechs.
The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.
If the new accounting standard poses too many risks during an economic crisis, then it's probably not a good idea at all.
Kansas Gov. Laura Kelly on Wednesday announced she was banning evictions and foreclosures for the next six weeks, adding to her administration's response to the unprecedented crisis caused by COVID-19.
As the health crisis upends the United States, credit union trade groups have called for lawmakers and regulators to provide relief for institutions dealing with the pandemic's impact.
Financial executives who visited the White House pledged to help small businesses and consumers get through any economic damage as the virus continues to spread. They also encouraged the government to support fiscal stimulus policies.
More buyers are seeking protection if a target suffers from implications from the coronavirus, a recession or an industry downturn.
As officials prepare plans for the government-sponsored enterprises' exit from conservatorship, there's no shortage of speculation about what those plans might look like and how they might affect the mortgage industry.