MBA Highlights

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• Read the May Small Business Alert – SBA Office of Advocacy
• SBA: Lender Review May Be Required for Certain PPP Loans
• The Small Business Administration yesterday notified Paycheck Protection Program lenders that certain loans in their PPP portfolios may require review. Those loans-which have been marked by SBA as being in “research” status-must be reviewed for accuracy and completeness. A lender should verify the borrower’s name, EIN or Social Security number for these loans and make any necessary changes by today at 5 p.m. EDT. View the instructions for accessing CAFS.
• Business Loan Program Temporary Changes; Paycheck Protection Program – Eligibility of Certain Electric Cooperatives. Read the IFR.

Economy

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• View the Fed Survey: Amid Pandemic, Americans Remain Able to Cover Emergency Expenses
• While the Fed’s full annual survey covers 2019, the Fed commissioned a shorter supplemental survey in April to analyze effects of the pandemic. Survey results from 2019 showed that U.S. households entered the coronavirus pandemic in a strong position. The number of unbanked Americans held steady at 6% in 2019, and the number of “underbanked” Americans-those with a bank account but who also use alternative financial services such as money orders or check cashing-also remained at 16% in 2019. Read more.
• Comerica – Michigan Economic Outlook, May 2020

Coronavirus

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• The Federal Housing Finance Agency announced yesterday that it would extend-until at least June 30-a moratorium on foreclosures and evictions for single-family mortgages backed by Fannie Mae or Freddie Mac. The current moratorium was expected to expire on May 17. Read more.

• Governor Whitmer Signs Executive Order Providing Relief from Tax Appeals Deadlines. View the executive order.
• Governor Whitmer Signs Executive Order Expanding Telehealth Options for Michiganders. View the executive order.

Regulators

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• CFPB to Offer Flexibility for Creditors Resolving Billing Errors During Pandemic. Read more.
• Fed Publishes FAQs on Recent Reg D Changes. Read the FAQs.
• Comptroller of the Currency Discusses Efforts to Support the Federal Banking System’s Response to COVID-19
• The Federal Reserve’s Paycheck Protection Program Liquidity Facility (PPPLF) Webinar, May 20. Register here.
• View the FDIC Consumer Compliance Examination Manual

• ABA Insurance Resources – Special Return to Work Resources for All Insureds and Agents
• COVID-19 Return to Work
• Business continuity planning during pandemics must include compliance considerations at every level and in every department of the bank-the current COVID-19 crisis is no different. MBA Endorsed Partner Compliance Alliance developed tools for all banks across the United States – regardless of membership – for the challenging weeks ahead. View the pandemic toolkit. View the MBA website for more resources.
• COVID-19 Reopening Cheat Sheet
• COVID-19 Reopening Checklist
• Keep your team and your customers safe with Endorsed Partner, Office Depot’s safety materials: Three Ply Masks, Temperature Verification Scanner . To register for a new account and pay by credit card, click here. Reach out to Jill Verscheure for assistance.
• If you need disinfectant spray at your branches, Sturgis Bank and Trust recommends Q.T.3. from Hillyard The supplier is KSS in Kalamazoo. Please contact Gary Dean, 269-808-0291, for more information.
• HUB Expands PPE Partnership to All Clients & Prospects

• COVID-19 Related/Business Continuity Webinars (all complimentary):
• A Guide for Reopening Financial Institutions-Compliance Focused. May 18
• Banking in a Digital World: Drivers & Trends. May 19
• How the Crisis Will Force Banks to Modernize Their Customer Experience. May 19
• Learn what Works BEFORE you Execute a Marketing Campaign. May 20
• IT & Cybersecurity after COVID-19: Planning for the “Great Restart”. May 21
• Notary Best Practices and New Law Updates for Michigan Notaries. May 21
• Protecting Yourself Against Consumer and Visitor Claims During COVID-19. May 21
• Staying Resilient and Thriving in Uncertain Times. May 22
• Opportunities for Your Bank; Safety for Your Customers – Build Customer Confidence and Franchise Value Now. June 10
• Engaging Clients During Difficult Times – recording
• The Psychology of Resilience & Certainty: Simple Habits That Create Powerful Results – recording
• Managing the COVID-19 Transmission Risk In The Bank Environment – recording
• The Art and Science of Tim Mastery in the New Normal – recording
• Stirring Change into Something Great – recording
• Three P’s of Marketing During a Crisis – recording
• Managing Your Bank’s COVID-19 Social Media Strategy – recording

• Online Seminars: May
• Becoming the Primary Financial Institution – May 21
• Generational Client Retention and Growth Strategies – May 28
• Advanced Cash Flow Analysis – May 28
• Advanced Tax Return Analysis for the Banker – May 29