COVID-19 actions – Page 3 – Regulatory Report

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[ July 6, 2020 ] Fed’s Main Street Lending Program now ‘fully operational,’ ready to purchase loan participations COVID-19 actions
[ July 6, 2020 ] Liquidity facility for credit unions balloons to $25.8 billion – up $15.3 billion COVID-19 actions
[ July 6, 2020 ] NCUA OIG: Asset management center’s liquidation process adequate to protect personally identifiable info NCUA
[ July 6, 2020 ] Not nice: Man charged with stealing more than $123 million from failed bank, allegedly with help from its officers FDIC
[ July 2, 2020 ] Bureau’s spring agenda includes proposals under ECOA, HMDA data points, debt collection CFPB

Fed updates Secondary Market Corporate Credit Facility, set to purchase corporate bonds through September

June 15, 2020 0

Updates to its Secondary Market Corporate Credit Facility (SMCCF), established in March to support credit to employers by providing liquidity to the market for outstanding corporate bonds, were announced Monday by the Federal Reserve Board. […]

In congressional report, Fed outlines its actions to blunt financial impact of coronavirus crisis in four categories

June 12, 2020 0

Regulatory and supervisory actions taken in the face of the coronavirus (COVID-19) crisis by the Federal Reserve are broken up into four categories in a report issued Friday, summarizing the agency’s actions to “facilitate market […]

Letter details new rules for credit union earnings retention, ‘streamlined’ net worth plans

June 9, 2020 0

Earnings retention required for credit unions classified as adequately capitalized, and credit unions’ streamlined net worth restoration plans (NWRPs), are addressed in a letter to credit unions issued by their federal regulator Tuesday. In May, […]

Loan amounts, terms for Main Street Lending Program revised to accommodate more small, medium-size businesses

June 8, 2020 0

Changes intended to expand accessibility to its the Main Street Lending Program (MSLP), expected to open for registration soon, were announced Monday by the Federal Reserve Board, which said the changes will make the program […]

Elder financial abuse, aggravated by pandemic, focus for webinar

June 8, 2020 0

An update on the impact of elder financial exploitation and scams related to the coronavirus (COVID-19) crisis will be explored in a Thursday (June 11) webinar hosted by the federal credit union regulator and featuring […]

Guidance on CARES Act mortgage forbearance measures issued jointly by CFPB, state regulators

June 4, 2020 0

Guidance to help mortgage servicers comply with forbearance requirements in dealing with consumers affected by the coronavirus (COVID-19) pandemic was issued jointly Thursday by the federal consumer bureau and state financial institution regulators. The guidance, […]

CFPB adopts flexible stance regarding certain credit card disclosures during pandemic

June 3, 2020 0

The Consumer Financial Protection Bureau (CFPB) is providing temporary, targeted flexibility during the coronavirus (COVID-19) pandemic for credit card issuers regarding the electronic provision of certain disclosures under truth-in-lending laws that are required to be […]

More entities eligible to issue notes directly to Municipal Liquidity Facility, Fed announces

June 3, 2020 0

All U.S. states will be able to have at least two cities or counties eligible to directly issue notes to the Federal Reserve’s Municipal Liquidity Facility (MLF), regardless of population, under changes expanding eligibility announced […]

COVID-19’s potential impact on remittances addressed in consumer bureau FAQs

June 2, 2020 0

No error arises under the remittance rule (contained in Regulation E) when funds aren’t delivered on time because of certain government-mandated closures of commercial activity – that is the gist of a set of three […]

New, acting comptroller enters coronavirus political fray, urging state, local officials to consider impact of ‘lockdowns’ on banking system

June 1, 2020 0

The “stability and orderly functioning of the financial system” is potentially threatened by local orders of mayors and governors, the acting top federal regulator of national banks said Monday. In letters to groups representing state […]

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Fed’s Main Street Lending Program now ‘fully operational,’ ready to purchase loan participations

July 6, 2020 0

The long-promised Main Street Lending Program (MSLP) of the Federal Reserve is now fully operational and ready to purchase eligible loan participations by registered lenders, the Boston arm of the central bank said Monday. The Federal Reserve Bank of Boston [...]
Liquidity facility for credit unions balloons to $25.8 billion – up $15.3 billion

July 6, 2020 0

The borrowing authority for the facility designed to help credit unions meet liquidity demands, particularly due to the financial impact of the coronavirus crisis, rose to $25.8 billion by the end of May – an increase of $15.3 billion (or [...]
NCUA OIG: Asset management center’s liquidation process adequate to protect personally identifiable info

July 6, 2020 0

Management controls at the Asset Management and Assistance Center (AMAC) were shown to adequately protect personally identifiable information (PII) in liquidations of credit unions from 2008 to 2018, according to a report published recently by the National Credit Union Administration [...]
Not nice: Man charged with stealing more than $123 million from failed bank, allegedly with help from its officers

July 6, 2020 0

A man from Niceville, Fla., has been charged with something that his fellow residents may find besmirches their town’s friendly name: stealing more than $123 million from a New Orleans bank that ultimately failed. According to the New Orleans U.S. [...]