4/16 |
Treasury |
FAQs on EIP
|
FAQs and general advice |
Explanation on how EIP relates to delinquent debts.
|
4/15 |
Treasury |
Paycheck Protection Plan FAQs
|
Commerical Lending |
Informative answers to frequently asked questions on
SBA-guaranteed Paycheck Protection Program loans.
|
4/15 |
CFPB, FHFA |
CFPB and FHFA Announce Borrower Protection Program
|
Housing |
Under the Borrower Protection Program, the CFPB will make
complaint information and analytical tools available to FHFA via a
secure electronic interface. Meanwhile, the FHFA will make
available to the bureau information about forbearances,
modifications and other loss-mitigation initiatives undertaken by
Fannie Mae and Freddie Mac.
|
4/15 |
CFPB |
Updated FAQs
|
FAQs and general advice |
Updated and revised FAQs, intended to aid consumers and lenders.
|
4/15 |
Nacha |
Updated FAQs
|
FAQs and general advice |
Nacha has developed updated FAQs based on information it has
provided, information it has learned, and inquiries posed to Nacha
by industry participants.
|
4/14 |
FDIC, OCC, FRB, CFPB |
Interim final rule outlining existing flexibilities in industry
appraisal standards and in the appraisal regulations
|
Housing |
Temporarily allows banks to defer appraisals and evaluations for
residential or commercial real estate transactions for up to 120
days during the COVID-19 national emergency. The rule will expire
on Dec. 31, 2020.
|
4/13 |
USDA |
COVID-19 tool for rural communities
|
Ag Lending |
A one-stop shop of federal programs that can be used by rural
communities, organizations and individuals affected by the
COVID-19 pandemic. The COVID-19 Federal Rural Resource Guide is
focused on rural leaders looking for federal funding and
partnership opportunities to help address the pandemic.
|
4/13 |
CFPB |
CFPB issues rule on stimulus payments for prepaid accounts
|
Payments |
Formalized steps to make it easier for consumers to use prepaid
accounts to receive pandemic-relief payments, including Economic
Impact Payments. The CFPB's interpretive rule concludes that, if
certain conditions are met, certain pandemic-relief payments are
not “government benefits” for purposes of Regulation E.
|
4/13 |
CFPB |
CFPB issues rule on stimulus payments for prepaid accounts
|
Payments |
Formalized steps to make it easier for consumers to use prepaid
accounts to receive pandemic-relief payments, including Economic
Impact Payments. The CFPB's interpretive rule concludes that, if
certain conditions are met, certain pandemic-relief payments are
not “government benefits” for purposes of Regulation E.
|
4/10 |
FRB |
Fed issues FAQs on PPP financing facility
|
Liquidity |
Informative answers to frequently asked questions on its new
liquidity facility for SBA-guaranteed Paycheck Protection Program
loans.
|
4/10 |
Nacha |
Extending remittance relief due to COVID-19
|
Payments |
Consumer Financial Protection Bureau issued a policy
statement extending a community bank exemption to its rule on
remittance transfers due to the COVID-19 pandemic. The
exception—which allows community banks to provide estimates on
required disclosures if certain criteria are met—is set to expire
on July 21. Under the new policy statement, the CFPB will neither
cite supervisory violations nor initiate enforcement actions
against insured institutions for continuing to provide estimates
under the temporary exception through the end of the year.
|
4/8 |
Nacha |
ACH Network Rules Pandemic-Related Frequently Asked Questions
|
FAQs/General Advice |
FAQs on COVID-19 pandemic with answers to community banker
questions about Economic Impact Payments to taxpayers sent via
ACH. The FAQs include information on: what to do when an ACH
payment hits a closed account, garnishment exemptions, and more.
|
4/9 |
FDIC, OCC, FRB |
Federal Bank Regulators Issue Interim Final Rule for Paycheck
Protection Program Facility
|
Capital/Accounting |
Interim final rule encourages lending to small businesses through
the SBA's PPP. The rule modifies the agencies' capital rules to
neutralize the regulatory capital effects of participating in the
Federal Reserve's PPP facility because there is no credit or
market risk in association with PPP loans pledged to the facility.
The interim final rule also clarifies that a zero percent risk
weight applies to loans covered by the PPP for capital purposes.
|
4/9 |
FRB |
Federal Reserve takes additional actions to provide up to $2.3
trillion in loans to support the economy
|
Liquidity |
1. Supplying liquidity to participating financial institutions
through term financing backed by PPP loans to small businesses.
2. purchase of up to $600 billion in loans through the Main Street
Lending Program.
3. expanding the size and scope of the PMCCF, SMCCF, and TALF, up
to $850 billion.
4. establishing a Municipal Liquidity Facility that will offer up
to $500 billion in lending to states and municipalities.
|
4/7 |
FDIC, OCC, FRB |
Agencies Issue Revised Interagency Statement on Loan
Modifications by Financial Institutions Working with Customers
Affected by the Coronavirus
|
Capital/Accounting |
Statement incorporates CARES Act provisions, permitting banks to
suspend classification of loan modifications as TDRs. The revised
statement also provides interpretations on past due and nonaccrual
regulatory reporting of loan modification programs. Examiners will
exercise judgment in reviewing loan modifications and will not
automatically adversely risk rate credits that are affected by
COVID-19.
|
4/3 |
FinCEN |
Further Information to Financial Institutions in Response
to COVID-19
|
Supervision and Examination |
The notice provides certain regulatory relief under the risk-based
approach to BSA compliance, including exempting from beneficial
ownership requirements new loans extended to existing customers
under CARES Act. FinCEN also suspends implementation of the
February 6, 2020 ruling (FIN-2020-R001) on CTR filing obligations
when reporting transactions involving sole proprietorships and
entities operating under a “doing business as” (DBA)
name until further notice.
|
4/6 |
FRB |
Fed establishes a facility to facilitate lending to small
businesses via Paycheck Protection Program (PPP) by providing term
financing backed by PPP loans
|
Commercial lending |
The Federal Reserve will establish a facility to provide term
financing backed by PPP loans.
|
4/6 |
FDIC, OCC, FRB |
Agencies Announce Changes to the Community Bank Leverage Ratio
|
Capital/Accounting |
Under the interim final rules, the community bank leverage ratio
will be 8 percent beginning in the second quarter and for the
remainder of calendar year 2020, 8.5 percent for calendar year
2021, and 9 percent thereafter. The interim final rules also
maintain a two-quarter grace period for a qualifying community
banking organization whose leverage ratio falls no more than 1
percent below the applicable community bank leverage ratio.
|
4/3 |
FDIC, OCC, FRB |
Supervisory and Enforcement Practices Regarding the Mortgage
Servicing Rules in Response to the COVID-19
|
Supervision and examination |
Inform servicers of the agencies’ flexible supervisory and
enforcement approach during this emergency regarding certain
consumer communications required by the mortgage servicing rules.
This Joint Statement is intended to clarify the application of the
Regulation X mortgage servicing rules and the agencies’
approach to supervision and enforcement related to the rules
during this emergency, including those applicable to short-term
options.
|
4/2 |
SBA |
Interim final rule on PPP
|
Commercial Lending |
The Paycheck Protection Program and loan forgiveness are intended
to provide economic relief to small businesses nationwide
adversely impacted under COVID-19 Emergency Declaration. This
interim final rule outlines the key provisions of SBA’s
implementation of sections 1102 and 1106 of the CARES Act in
formal guidance.
|
4/1 |
CFPB |
Statement on Supervisory and Enforcement Practices Regarding the
Fair Credit Reporting Act and Regulation V in Light of the CARES
Act
|
Consumer lending |
The Bureau reiterates its prior guidance encouraging financial
institutions to work constructively with borrowers and other
customers affected by COVID-19 to meet their financial needs. The
Bureau expects furnishers to comply with the CARES Act and will
work with furnishers as needed to help them do so.
|
4/1 |
FRB |
Fed implements temporary change to its supplementary leverage
ratio rule
|
Capital/Accounting |
To ease strains in the Treasury market resulting from the
coronavirus and increase banking organizations' ability to provide
credit to households and businesses, the Federal Reserve Board on
Wednesday announced a temporary change to its supplementary
leverage ratio rule. The change would exclude U.S. Treasury
securities and deposits at Federal Reserve Banks from the
calculation of the rule for holding companies, and will be in
effect until March 31, 2021.
|
4/1 |
FHA |
Mortgage payment relief for FHA single family homeowners
|
Housing |
Borrowers with a financial hardship that makes them unable to pay
their mortgage due to the COVID-19 National Emergency, mortgage
servicers must extend deferred or reduced mortgage payment options
- called forbearance - for up to six months, and must provide an
additional six months of forbearance if requested by the borrower.
|
3/31 |
FHFA |
FHFA Authorizes Loan Processing Flexibilities for Fannie Mae and
Freddie Mac Customers
|
Housing |
The flexibilities announced by the Enterprises include:
-Allowing desktop appraisals on new construction loans;
- Allowing flexibility on demonstrating construction has been
completed (alternative to the Completion Report);
-Allowing flexibility for borrowers to provide documentation
(rather than requiring an inspection) to allow renovation
disbursements (draws); and
Expanding the use of power of attorney and remote online
notarizations.
|
3/15 |
FRB |
Federal Reserve encourages depository institutions to work with
customers on Reg D limitations.
|
FAQs and general advice |
Banks are free to suspend enforcement of the “six convenient
transfer” monthly limit for any account that they do not
plan to report as a “savings deposit” on their FR 2900
deposit reports. Depository institutions may immediately
allow an unlimited number of transfers from accounts that they
have been reporting as “savings deposits” and then
work with their local Reserve Bank deposit reporting teams to
develop a plan for reporting those accounts as “transaction
accounts.”
|
3/31 |
FRB |
Establishment of a temporary FIMA Repo Facility to help support
the smooth functioning of financial markets
|
Liquidity |
FIMA Repo Facility establishes a temporary repurchase agreement
facility for foreign and international monetary authorities.
Allows FIMA account holders (central banks and other international
monetary authorities with accounts at the NY Fed) to temporarily
exchange their U.S. Treasury securities held with the Federal
Reserve for U.S. dollars, which can then be made available to
institutions in their jurisdictions.
|
3/31 |
FRB |
Six month delay of the effective date for revised control
framework
|
Supervision and examination |
Originally to be effective April 1, the Board finalized a revised
framework that simplifies and increases the transparency of its
rules for determining when one company controls another company
for purposes of the Bank Holding Company Act and Home Owners' Loan
Act.
|
3/31 |
FDIC, OCC, FRB |
Interaction of the CECL Revised Transition Interim Final Rule
with Section 4014 of CARES Act
|
Capital/Accounting |
The joint statement clarifies the interaction between the
interim final rule that provides a five-year transition period for
the impact of the current expected credit loss methodology (CECL)
on regulatory capital and the temporary CECL relief provided
by CARES Act.
|
3/30 |
FDIC, OCC, FRB |
Adjusting the Calculations for Credit Concentration
|
Capital/Accounting |
The agencies are adjusting their calculation for credit
concentration ratios used in the supervisory process. The
adjustment is in response to changes in the capital information
available after the implementation of the Community Bank Leverage
Ratio (CBLR) rule. Effective March 31, 2020, for supervisory
purposes, examiners will calculate credit concentration ratios
using tier 1 capital plus the appropriate allowance for loan and
lease losses or the allowance for credit losses attributed to
loans and leases (as applicable) for the denominator.
|
3/27 |
FDIC, OCC, FRB |
Interim final rule - banking organizations to mitigate the
effects of the "current expected credit loss," or CECL
|
Capital/Accounting |
The interim final rule provides banking organizations that
implement CECL before the end of 2020 the option to delay for two
years an estimate of CECL’s effect on regulatory capital,
relative to the incurred loss methodology’s effect on
regulatory capital, followed by a three-year transition period
|
3/27 |
FDIC |
FDIC Updates Steps to Protect Banks and Consumers and to Continue
Operations
|
Operations |
Supervisory and other FDIC activities at financial institutions
will be conducted off-site for an additional two weeks through
April 12, and staff has individually contacted institutions with
ongoing or upcoming examination activities about their
communication preferences during this period.
|
3/26 |
FDIC, OCC, FRB |
30-Day Grace Period for the Call Report for the First Quarter of
2020
|
Supervision and examination |
The agencies will not take action against any institution for
submitting its March 31, 2020, Consolidated Reports of Condition
and Income (Call Report) after the official filing deadline,
provided the report is submitted within 30 days of the official
filing deadline.
|
3/26 |
FDIC |
Temporary Alternative Procedures for Sending Supervision-Related
Mail and Email to the FDIC
|
Operations |
FDIC is encouraging financial institutions and other parties to
use alternative procedures to send the agency official mail
related to supervisory matters and to use secure email to send
official supervisory correspondence.
|
3/26 |
FDIC, OCC, FRB, CFPB |
Statement Encouraging Responsible Small-Dollar Lending to
Consumers and Small Businesses in Response to COVID-19
|
Consumer lending |
The agencies encourage financial institutions to continue to offer
small-dollar loans in a manner that is consistent with
safe-and-sound banking practices, provides fair treatment of
consumers, and complies with applicable statutes and regulations,
including consumer protection laws.
|
3/26 |
FDIC |
FIL-25-2020 Identification of Essential Critical Infrastructure
Workers During the COVID-19 Response Efforts
|
Operations |
The financial services sector is identified as a Critical
Infrastructure Sector by the Department of Homeland Security. A
letter from company leadership explaining that the identified
worker carrying the letter is a critical infrastructure worker who
needs to be allowed access to their place of work, and the
attached documents may assist essential critical infrastructure
workers needing to travel inside restricted areas in order to
support critical infrastructure.
|
3/26 |
FRB |
Federal Reserve offers regulatory reporting relief to small
financial institutions affected by the coronavirus
|
Supervision and examination |
The Federal Reserve will not take action against a financial
institution with $5 billion or less in total assets for submitting
its March 31, 2020, Consolidated Financial Statements for Bank
Holding Companies (FR Y-9C) or Financial Statements of U.S.
Nonbank Subsidiaries of U.S. Bank Holding Companies (FR Y-11)
after the official filing deadline, as long as the applicable
report is submitted within 30 days of the official filing due
date.
|
3/26 |
CFPB |
CFPB Provides Flexibility During COVID-19 Pandemic
|
Supervision and examination |
1) Temprorary cessation of quarterly HMDA reporting on DFA 1071
2) No expectation to report under CARD Act
3) Postponed data collection
4) Postponed survey of PACE loans
|
3/24 |
DOL |
Temporary Non-Enforcement Period Applicable to the Families First
Coronavirus Response Act (FFCRA)
|
Supervision and examination |
The Department will not bring enforcement actions against any
public or private employer for violations of the Act occurring
within 30 days of the enactment of the FFCRA, i.e. March 18
through April 17, 2020, provided that the employer has made
reasonable, good faith efforts to comply with the Act.
|
3/24 |
FRB |
Temporary cessation of all regular examination activity
|
Supervision and examination |
Federal Reserve will temporarily reduce its examination
activities, with the greatest reduction in activities occurring at
the smallest banks.
|
3/24 |
FRB |
Implementation delay for changes to its Payment System Risk
Policy regarding intraday credit
|
Payments |
Federal Reserve institutes six-month delay in the planned
implementation of policy changes to procedures governing the
provision of intraday credit to U.S. branches
|
3/23 |
FRB |
Federal Reserve announces extensive new measures to support the
economy
|
Liquidity |
Establishing Exchange Stabilization Fund (ESF) to channel equity
to new programs that will provide up to $300 billion in new
financing to employers, consumers, and businesses.
|
3/23 |
FRB |
Federal Reserve issues FOMC statement
|
Liquidity |
Fed maintains the federal funds rate in a target range of 0 to 1/4
percent; increases holdings of Treasury securities and agency
mortgage-backed securities (MBS); includes purchases of agency
commercial mortgage-backed securities in its agency
mortgage-backed security purchases; continue conducting term and
overnight repurchase agreement operations; conduct overnight
reverse repurchase operations at an offering rate of 0.00 percent.
|
3/23 |
FHFA |
FHFA Moves to Provide Eviction Suspension Relief for Renters in
Multifamily Properties
|
Housing |
Federal Housing Finance Agency (FHFA) is announcing that the
Enterprises will offer multifamily property owners mortgage
forbearance with the condition that they suspend all evictions for
renters unable to pay rent due to the impact of coronavirus.
|
3/23 |
FHFA |
FHFA Directs Enterprises to Grant Flexibilities for Appraisal and
Employment Verifications
|
Housing |
FHFA directed Fannie Mae and Freddie Mac (the Enterprises) to
provide alternative flexibilities to satisfy appraisal
requirements and employment verification requirements.
|
3/23 |
FHFA |
FHFA Authorizes the Enterprises to Support Additional Liquidity
in the Secondary Mortgage Market
|
Housing |
FHFA has authorized Fannie Mae and Freddie Mac (the Enterprises)
to enter into additional dollar roll transactions (dollar roll
transactions provide mortgage-backed securities investors with
short-term financing of their positions, providing liquidity to
these investors).
|
3/23 |
SBA |
Automatic Deferment on Existing SBA Disaster Loans Through End of
2020
|
Commerical lending |
Disaster relief loan deferments through December 31, 2020, will be
automatic. Borrowers of home and business disaster loans do not
have to contact SBA to request deferment.
|
3/22 |
FDIC, OCC, FRB |
Interagency Statement on Loan Modifications by Financial
Institutions Working with Customers Affected by the Coronavirus
|
Capital/Accounting |
Will not criticize institutions for prudent loan modifications and
will not direct supervised institutions to automatically
categorize COVID-19-related loan modifications as troubled debt
restructurings (TDRs); Confirmed with staff of the Financial
Accounting Standards Board (FASB) that short-term modifications
made on a good faith basis in response to COVID-19 to borrowers
who were current prior to any relief are not TDRs; Views that
modification efforts described in the interagency statement for
borrowers of one-to-four family residential mortgages where loans
are prudently underwritten and not past due or carried in
nonaccrual status do not result in loans being considered
restructured or modified for the purpose of respective risk-based
capital rules;
|
3/20 |
CFPB |
Delay of comment deadline for debt collection rulemaking
|
Consumer lending |
Extending the comment period on its Supplemental Notice of
Proposed Rulemaking (SNPRM) implementing the Fair Debt Collection
Practices Act (FDCPA). The SNPRM, which proposed to require debt
collectors to make certain disclosures when collecting time-barred
debts
|
3/19 |
FDIC, OCC, FRB |
Regulatory Capital Rule: Eligible Retained Income
|
Capital/Accounting |
The interim final rule revises the definition of eligible retained
income to the greater of (1) a banking organization's net income
for the four preceding calendar quarters, net of any distributions
and associated tax effects not already reflected in net income,
and (2) the average of a banking organization's net income over
the preceding four quarters. The revised definition of eligible
retained income is intended to strengthen the incentives for
banking organizations to use their capital buffers as intended in
adverse conditions and serve as a financial intermediary and
source of credit to the economy.
|
3/19 |
FDIC, OCC, FRB |
Joint Statement on CRA Consideration for Activities in Response
to the COVID-19
|
Supervision and examination |
The agencies encourage financial institutions to work with
affected customers and communities, particularly those that are
low- and moderate-income. Pursuant to the Community Reinvestment
Act (CRA), the agencies will provide favorable consideration of
certain retail banking services, retail lending activities, and
community development activities.
|
3/19 |
FDIC |
Frequently Asked Questions: For Financial Institutions and
Consumers Affected by the Coronavirus
|
FAQs and general advice |
FDIC is providing FAQs to financial institutions and consumers
affected by COVID-19 that address some of the questions received
to-date, and will continue to update these FAQs, as needed.
|
3/18 |
FRB |
Money Market Mutual Fund Liquidity Facility (MMLF)
|
Liquidity |
MMLF will make loans available to eligible financial institutions
secured by high-quality assets purchased by the financial
institution from money market mutual funds.
|
3/18 |
FHFA |
FHFA Suspends Foreclosures and Evictions for Enterprise-Backed
Mortgages
|
Housing |
Federal Housing Finance Agency (FHFA) has directed Fannie Mae and
Freddie Mac (the Enterprises) to suspend foreclosures and
evictions for at least 60 days due to the coronavirus national
emergency. The foreclosure and eviction suspension applies to
homeowners with an Enterprise-backed single-family mortgage.
|
3/18 |
HUD |
HUD suspends all foreclosure and evictions for the next 60 days.
|
Housing |
Authorized the Federal Housing Administration (FHA) to implement
an immediate foreclosure and eviction moratorium for
single family homeowners with FHA-insured mortgages for the next
60 days. Halt all new foreclosure actions and suspend all
foreclosure actions currently in process; and Cease all evictions
of persons from FHA-insured single-family properties.
|
3/17 |
FRB |
Primary Dealer Credit Facility (PDCF)
|
Liquidity |
The PDCF will offer overnight and term funding with maturities up
to 90 days. Credit extended to primary dealers under this facility
may be collateralized by a broad range of investment grade debt
securities, including commercial paper and municipal bonds, and a
broad range of equity securities.
|
3/17 |
FRB |
Establishment of a Commercial Paper Funding Facility
|
Liquidity |
CPFF will provide a liquidity backstop to U.S. issuers of
commercial paper through a special purpose vehicle (SPV) that will
purchase unsecured and asset-backed commercial paper rated A1/P1.
|
3/13 |
FDIC |
Regulatory Relief: Working with Customers Affected by the
Coronavirus
|
FAQs and general advice |
Encouragement for financial institutions to work with customers
and communities affected by COVID-19 in a prudent manner; to work
with all borrowers; prudent efforts to modify the terms on
existing loans for affected customers will not be subject to
examiner criticism
|
3/12 |
SBA |
SBA to Provide Disaster Assistance Loans for Small Businesses
Impacted by Coronavirus (COVID-19)
|
Commerical lending |
Economic Injury Disaster Loan assistance declaration issued by the
SBA makes loans of up to $2 million available to small businesses
and private, non-profit organizations in designated areas of a
state or territory to help alleviate economic injury caused by the
Coronavirus (COVID-19).
|