A national moratorium would be costly to lenders and servicers, but proponents say it's needed to help cushion the economic blow of the pandemic.
The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.
The OCC and FDIC said banks should consider waiving fees, be flexible with loan repayments and that they would not be penalized if they close branches for precautionary reasons.
The Conference of State Bank Supervisors on Friday launched a centralized link to state websites highlighting information relevant to business continuity plans for licensed mortgage loan officers.
Sports leagues have suspended their seasons. Organizers have canceled conferences. The coronavirus is starting to inflict economic damage as Americans hunker down to stop its spread.
Uncertainty still abounds for the public finance space, as just before the market close, President Trump declared a national emergency. Meanwhile, states and cities across the country are closing schools, sporting events, and cutting back public transit. But Friday, at least, provided some reprieve from the five previous volatile days.
Banks typically don't offer loans to cash-strapped consumers, and are poorly positioned to start doing so on an emergency basis — unless the government steps in to help.
The National Society of Accountants, NCCPAP and the AICPA are asking the IRS and Treasury for tax relief during the pandemic.
At least seven states have suspended K-12 classes, meaning many CUs with student-run branches won’t be able to operate those facilities as educational tools during that time. More industry events have also been called off.
Many advisors are doing heavy lifting right now — or expect they will be — in the midst of growing coronavirus fears.