First bank failure of coronavirus era
The First State Bank, based in Barboursville, W.Va., was closed by state regulators April 3. MVB Bank, Inc., of Fairmont, W.Va., is assuming its deposits. [Continue]
SBA makes changes to PPP to encourage community bank involvement
The Small Business Administration modified guidelines for its Paycheck Protection Program in order to encourage community banks to participate in the program. [Continue]
Unemployment claims surge by 6.6 million
More than 6.65 million people filed new unemployment claims in the week ending March 28. This doubled the record set the previous week of 3.3 million claims. [Continue]
SBA will begin accepting CARES loan applications April 3
The Small Business Administration and the Treasury Department are mobilizing banks to get $349 billion in capital to small businesses as part of the national stimulus program. [Continue]
Federal agencies offer reg relief to small banks
Federal agencies are extending grace periods for submitting documents and encouraged small-dollar lending as economic conditions remain uncertain. [Continue]
Stimulus package approved, bank exams reduced
The White House and the senate reached an agreement on a coronavirus stimulus package on March 25, which aims to keep the nation from falling into a recession due to the COVID-19 crisis. [Continue]
Bankers back CECL delay, FHFA offers relief
The FDIC Chairman Jelena McWilliams sent a letter March 19 to the Financial Accounting Standards Board urging a delay in the implementation of CECL given the economic environment caused by the COVID-19 pandemic. [Continue]
Regulators approve Square’s ILC application, face opposition
Federal regulators approved an industrial loan company application from Square, Inc., despite opposition from an FDIC board member and the ICBA. [Continue]
Regulators announce new measures to support economy, banks
Financial agencies have provided additional information to encourage banks to work constructively with borrowers affected by COVID-19. [Continue]
Kashkari wants bold response to protect economy
“Overreaction” is exactly the response the federal government and the Federal Reserve needs to adopt to combat the negative economic impact of the COVID-19 contagion, said Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, in a televised interview March 22. Reflecting on the Fed’s response to the 2008 economic collapse, Kashkari said “we … Read more