The Small Business Administration is preparing to launch a streamlined application portal that will allow Paycheck Protection Program borrowers with loans of $150,000 or less to apply for forgiveness through the SBA.
The Federal Housing Finance Agency on Friday announced that on Aug. 1, it will eliminate a controversial 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, a fee that the Trump Administration had said was needed to help the Enterprises weather the coronavirus economic crisis.
The National Credit Union Administration on July 19 will begin allowing staff and contractors to work onsite at credit unions where pandemic conditions have moderated, agency board Chairman Todd Harper announced Wednesday.
Coronavirus-related forbearance programs succeeded in limiting mortgage default, particularly among borrowers with the greatest financial need, the Government Accountability Office said, in a report released Monday.
Efforts by financial institutions to help people by advancing federal Economic Impact Payments seem to have backfired, resulting in overdraft fees and other problems, the Consumer Financial Protection Bureau reported in its latest bulletin on problems faced by consumers during the pandemic.
The National Credit Union Administration announced Monday that it will distribute $865.5 million to 1,800 capital account holders that helped bail out corporate credit unions following the 2008 financial crisis.
The Consumer Financial Protection Bureau on Monday said it will not impose a moratorium on mortgage foreclosures until the end of the year but will impose “temporary safeguards” to ensure that homeowners with pandemic-related hardships have time to make payments on their homes.
The National Credit Union Administration board voted Thursday to maintain the current temporary maximum interest rate of 18% for virtually all loans through March 10, 2023.
Amid Republican opposition, the House Financial Services Committee on Wednesday approved legislation that would make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.