Under the Dome
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MBA and the Supreme Court
In a follow up meeting to our time with Chief Justice McCormack, we sat down via Zoom conference with the Chief Justice, the Court Administrator Tom Boyd, as well as Justices Fresard and Ackerts and courts lobbyist Cami Pendell to compare notes as to ways they are seeking to improve and modernize the courts and ways we have been engaged to better the legal system as it impacts banking and bank customers.
The hour-long exchange not only opened up common ground and interest in electronic wills, revising the Power of Attorney statutes, issues impacting notary in a remote environment but it also opened their eyes to the great work and concern the industry has for protecting vulnerable depositors, access to banking, financial literacy and in general responsible and prudent public policy making.
We will continue to engage collaboratively on these and other issues for the benefit of the industry.
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SBA Paycheck Protection Program
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- The Small Business Administration released public data on Paycheck Protection Program participants, including borrowers and lenders, as of June 30. View the data.
- View the talking points on the Paycheck Protection Program to reflect the latest data released by the Small Business Administration, including borrower and lender information for PPP loans.
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Regulators/Agencies
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- The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration (collectively, agencies), published in the Federal Register “Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance” for notice and comment. The agencies propose to revise, expand, and reorganize the Interagency Questions and Answers issued in 2009 and 2011. Read more.
- CFPB Removes Underwriting Provisions from 2017 Small-Dollar Lending Rule. View the final rule.
- Quarles: Post-2008 Reforms Aided Large Banks’ Pandemic Response. Read more.
- CFPB Ratifies Previous Actions Following Supreme Court Decision. Read more.
- The CFPB announced that Thomas Pahl has been named the bureau’s deputy director. Pahl has served as the bureau’s policy associate director for research, markets and regulations since April 2018, and prior to that was acting director of the Federal Trade Commission’s Bureau of Consumer Protection. Read more.
- The Financial Crimes Enforcement Network issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic. The advisory highlights several red flag indicators associated with these scams and reminded banks to report any suspicious activity. Read the advisory.
- Fannie Mae will host a free webinar on Monday, July 13 at 2 p.m. EDT to discuss the GSE’s response to the COVID-19 pandemic and how it is supporting borrowers through forbearance options, including through a payment deferral workout option. Register for the webinar.
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Main Street Lending Program
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- The Federal Reserve unveiled an interactive state-by-state map listing lenders participating in the Main Street Lending Program that have chosen to be listed and are currently accepting applications from new customers. MSLP registered lenders that wish to be added to the Federal Reserve Bank of Boston’s list can email MSLP@bos.frb.org. The Boston Fed will update the listing regularly as new lenders complete the registration process and elect to be included on the map.
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Economy
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- Consumer credit growth decreased at a seasonally adjusted annual rate of 5.3% in May as the coronavirus pandemic continued in the U.S., landing at $4.11 trillion, the Federal Reserve reported yesterday. The downward trend slowed significantly from the month prior, however, when consumer credit growth decreased at a rate of 20%. Non-revolving debt-the category that includes auto loans and student loans-increased at a rate of 2.3%, while revolving debt, which includes credit cards, fell 28.6%. Read more.
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Resources
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For more information on Endorsed Partners and Products, click here.
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Compliance Alliance Question of the Week
Question: If our customer is on a COVID-19-related forbearance plan (and she was current before the Bank agreed to the plan), do we use special comment code AW (affected by natural or declared disaster) and code CP (account in forbearance) and will either affect her credit score?
Answer: The bank may report AW or CP if it chooses, but our understanding is that this would not affect the credit score and would only provide additional insight as to the valid reason for the deferment.
Read the full question.
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Ask SBS CyberSecurity Questions Regarding Incident Response/Digital Forensics
The MBA Service Corporation and Endorsed Partner, SBS CyberSecurity are putting together a virtual Incident Response Plan (IRP) event with a Question/Answer period from Cyber Experts. Stay tuned for dates for late July 2020.
The topics will include:
• How to prepare a well-structured Incident Response Plan that protects against cybersecurity threats;
• How to mitigate the negative effects if your bank has a security breach;
• How to demonstrate to examiners that your organization is properly prepared to handle a breach.
Submit your questions here or to Jill Verscheure, jverscheure@mibankers.com by July 10.
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Follow the MBA on Social Media for MBWCF Tips – #WorkCompWednesday
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