Coronavirus Impact
Coronavirus Impact
![“Why [have] relatively few borrowers ... participated in this program?” said Sen. Pat Toomey, R-Pa. He added that he was interested in knowing "why it appears not to have a tremendous amount of demand."](https://arizent.brightspotcdn.com/dims4/default/afb840c/2147483647/strip/true/crop/5441x3066+0+280/resize/520x293!/quality/90/?url=https%3A%2F%2Farizent.brightspotcdn.com%2Ffa%2F0d%2F81c080b543599e2611e02a1cf8cb%2Ftoomey-pat-bl-080720.jpg)
At its inaugural hearing, the committee appointed by lawmakers to oversee CARES Act implementation pressed for answers about why the Main Street Lending Program is off to such a slow start.
As more consumers do business online, some deposits are being unfairly categorized as brokered, inviting burdensome regulatory scrutiny.
The regulator announced in June it would use call report data from before the crisis to calculate bank assessment fees in September, a one-time change.
Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic.
![“The urgency with which the emergency [stimulus] payments were spent underscores the importance of rapid access to funds for many households and businesses that face cash flow constraints,” said Federal Reserve Gov. Lael Brainard.](https://arizent.brightspotcdn.com/dims4/default/4afbaf0/2147483647/strip/true/crop/3998x2253+0+207/resize/520x293!/quality/90/?url=https%3A%2F%2Farizent.brightspotcdn.com%2F90%2F99%2F26dab0f84aad919e2f91c299ab1b%2Fbrainard-lael-bl-080620.jpg)
The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.
Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.
The agency said property owners can enter into new or modified forbearance plans if they have a hardship due to the coronavirus, but the landlords must agree not to kick out renters solely for nonpayment of rent.
The Latest
-
The coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong.August 6
Consultant and Founderbankmechanics -
Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit.August 5
-
-
“We do not yet know when we’ll return to a more traditional operating model,” a company spokesperson said.August 5
-
The owner of The Shuckery in Petaluma, Calif., says she was unable to get a Paycheck Protection Program loan until she responded to an email from the delivery service and BlueVine.August 5
-
The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.August 5
-
The prepaid card company benefited from payments that were designed to offset the pandemic’s impact on U.S. consumers.August 5
