Job loss, reduced hours, illness, caretaking responsibilities and more – coronavirus continues to produce a raft of economic uncertainties and financial hardships for individuals. The Coronavirus Aid, Relief and Economic…
CFPB Issues Interpretive Rule and FAQs to Offer Consumers Quicker Access to Mortgage Credit
Amid the COVID-19 pandemic, many consumers are seeking quicker access to credit to meet their financial needs. On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive…
Final Reporting Thresholds Set for HMDA: How This Impacts Your Financial Institution
In the midst of the COVID-19 pandemic, some good news for financial institutions arrived on April 16, 2020, from the Consumer Financial Protection Bureau (CFPB) in the form of final…
How Banks and Credit Unions Can Prepare for Coronavirus Mortgage Relief Measures
Coronavirus has had a swift and significant impact on the economy. According to the U.S. Department of Labor, unemployment claims for the week ending March 21, 2020, reached a record…
Accounting Rules Eased for Loan Modifications in Response to COVID-19
Financial institutions now have greater ability to accommodate and provide support to borrowers affected by COVID-19, thanks to an Interagency Statement released Sunday evening, March 22, 2020. This guidance provides…
