NEW YORK–Morgan Stanley has issued a warning that the coronavirus pandemic is going to hit the economy hard.
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ROCKVILLE, Md.–A credit union with members on the frontline of the fight against the coronavirus has announced a number of changes at its facilities. It is among many CUs across the country that have also announced branch closures, changes in hours, new procedures at their facilities, and more.
WASHINGTON–In response to the growing threat from the coronavirus, three federal banking agencies have announced steps they said are designed to provide banks with additional flexibility to support households and businesses.
WESTBROOK, Maine–The coronavirus threat has brought the Maine Credit Union League and the Maine Bankers Association together in a message aimed at reassuring Maine consumers about the safety, security, and reliability of the state’s financial services industry.
Banks Pledge to Put Stock Buybacks On Hold and to Use Capital to Help Struggling Consumers, Business
NEW YORK–The biggest banks in the U.S. have put their share buybacks on hold and pledged to put their capital to use helping consumers and businesses struggling with the rapid economic slowdown caused by the outbreak of coronavirus.
WASHINGTON–In response to the declaration of a national emergency, FinCEN is requesting financial institutions affected by the COVID-19 pandemic to contact it and their respective functional regulator as soon as practicable if a COVID-19-affected financial institution has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports.
ARLINGTON, Va.—In light of the uncertainty surrounding the spread of the coronavirus and rapidly changing developments, NAFCU President and CEO Dan Berger sent an update to member credit unions in which he outlined recent developments and responses from Congress, the Federal Reserve, NCUA and other regulators.
SACRAMENTO, Calif.—California Gov. Gavin Newsom has issued an executive order to help prevent evictions during the coronavirus outbreak. As CUToday.info reported earlier, New Jersey is also fast-tracking similar legislation.
WASHINGTON—While CUNA said it supports the goal of increasing access to energy efficient housing modifications, the absence of conventional Property Assessed Clean Energy (PACE) loan consumer protections and adequate safeguards have left homeowners vulnerable and could lead to unexpected or unintended effects on the housing market, CUNA wrote to the Federal Housing Finance Administration.
ARLINGTON, Va.—NAFCU Regulatory Affairs Counsel Kaley Schafer reiterated support for the Federal Housing Finance Agency's (FHFA) efforts to protect government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from risks posed by residential property assessed clean energy (PACE) financing, but cautioned against disclosures that could burden financial institutions without adding consumer protections.