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Gain answers to your questions about coronavirus (COVID-19) and how it will impact you and your business from our advisors via our Coronavirus Resource Center.
As the Coronavirus (COVID-19) pandemic continues to spread, its impact on businesses and individuals has been significant. Stay up-to-date on the latest news with this Coronavirus Resource Center as your go-to resource for expert commentary, news and other resources. Bookmark this page to check back regularly for updates.
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With the country now in the midst of what is being referred to as a global pandemic, learn more about how Doeren Mayhew is taking precautions regarding COVID-19.
Senate Unveils New COVID-19 Relief Package
The HEALS Act, a highly-anticipated new stimulus package with a $1 trillion price tag, has recently been unveiled by Senate Republicans. Doeren Mayhew’s advisors shed light on the main provisions of the new proposed legislation.
Trump Signs PPP Extension
This past weekend, President Trump signed a bill to extend the PPP loan application window for small businesses struggling in the wake of COVID-19. Learn more.
Senate Pushes to Extend PPP Loan Application Deadline
Hours before the PPP was scheduled to close, the Senate passed a proposed five-week extension which would give businesses until Aug. 8 to apply for a forgivable loan. Learn more.
PPP is Modified by Paycheck Protection Program Flexibility Act
The Paycheck Protection Program Flexibility Act was recently signed into law, increasing the likelihood for millions of PPP borrowers’ loans to be forgiven. Read more.
Senate Passes Paycheck Protection Flexibility Act
The Senate has passed the Paycheck Protection Flexibility Act, providing more relief for small businesses and PPP loan recipients across the country. Get an inside look into the proposed legislation and learn how it may impact your business.
Bipartisan PPP Bill House Vote Anticipated for Next Week
Next week, the House is expected to vote on a proposed bipartisan PPP bill to provide more flexibility in rehiring and loan repayment timelines for small businesses. Gain insight into the proposed legislation.
House Unveils Massive Proposed Coronavirus Bill
House Democrats have proposed the most expensive spending package in U.S. history to provide additional relief from COVID-19’s effects on the economy. Learn more about the proposed $3 trillion bill.
Congress Expands Small Business COVID-19 Relief
Another round of stimulus funding for small businesses is on the horizon due to the new Interim Stimulus Plan. Learn more.
CARES Act Passes to Support Economy During COVID-19 Pandemic
On March 27, 2020, President Donald Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law, which is aimed at providing significant tax and non-tax stimulus to individuals and businesses. Get the highlights of the new legislation in this article.
Proposed CARES Act to Provide Relief to Individuals and Businesses
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been passed by the Senate and is expected to be passed by the House. Learn how this new act can help you and your business weather the COVID-19 pandemic.
Families First Coronavirus Response Act Signed into Law
President Trump signed into law the Families First Coronavirus Response Act, after overwhelming approval by the Senate, to help aid Americans impacted by the Coronavirus (COVID-19) virus sweeping the United States. Read more to learn about the paid leave measures and employer tax credits.
Accounting for PPP Loan Forgiveness
If you’re one of the many businesses who recently submitted a PPP loan forgiveness application, you’re probably wondering how to account for the forgiveness while the application is being processed. Learn more.
4 Fiscal Year-End Audit Risks to Consider in the COVID-19 Era
As the current health crisis continues to throw a wrench into everyday business operations, fiscal year-end audits will be no different. Doeren Mayhew’s advisors share the COVID-19-related risks you should evaluate before your audit begins.
3 Key Components of a Successful Remote Audit
Since many auditors and businesses are still working remotely due to the COVID-19 pandemic, an unprecedented need for remote audits has been created. Doeren Mayhew’s advisors share three key components to prepare for your first remote audit.
Accounting for CARES Act’s Grants, Credits and the Paycheck Protection Program
While the CARES Act provides financial relief to many struggling small businesses across the nation, it is accompanied by unprecedented accounting challenges. Doeren Mayhew’s advisors shed light on how to report for these new provisions.
SBA Issues Guidance for Owner-Employee Threshold and Rent Forgiveness
The SBA’s new interim final rule regarding the owner-employee threshold and loan forgiveness for office rentals is raising a lot of concerns from business owners across the country. Learn more.
New FAQs on Loan Forgiveness Emerges
The U.S. Treasury and SBA issued new FAQs intended to address both borrower and lender questions regarding PPP loan forgiveness. Read more.
PPP Loan Forgiveness – Is the 8-Week or 24-Week Period Right For You?
The PPPFA excited borrowers with the option of a new 24-week period to spend their loan on forgivable expenses. However, should they stick with the eight-week period instead? Doeren Mayhew’s advisors take a deeper look into the two covered periods.
SBA Releases New EZ Application for PPP Loan Forgiveness
The SBA has released an easier-to-complete EZ forgiveness application form for eligible PPP borrowers – but it is not intended for everyone. Doeren Mayhew’s business advisors shed light onto when this form applies and when it doesn’t.
Unemployment Fraud Soars Amid Pandemic
The sudden influx of unemployment applications caused by the COVID-19 crisis has recently triggered a large spike in unemployment fraud. Gain insight into how to protect your business and employees from a scam.
AICPA Provides PPP Loan Forgiveness Calculator
Leverage this calculator to help you determine your business’s loan forgiveness.
12 Simple Strategies to Shorten Your Cash Cycle During the COVID-19 Crisis
Doeren Mayhew’s business advisors share 12 effective strategies to shorten your cash cycle and quickly free up money during the COVID-19 financial crisis.
Paycheck Protection Program Loan Forgiveness Application Debuted
The PPP loan forgiveness application has been unveiled – Doeren Mayhew’s business advisors highlight key points of the application and provide insights to benefit your business.
SBA Clarifies Good-Faith Certification for PPP Loans
PPP loan borrowers now have some clarity on the required good-faith certification during the application process. Doeren Mayhew’s business advisors give you the details.
Returning to the Workplace? Initial Things to Consider in COVID-19 Environment
As businesses across the country begin to reopen, many employers are left wondering how to safely return to the workplace. Gain insight from Doeren Mayhew’s business advisors.
How Loan Forgiveness is Affected by Employees Who Refuse to Return to Work
If you offer to rehire an employee you laid off during the COVID-19 crisis but they refuse to return to work, will this affect your PPP loan forgiveness? Learn more.
CFPB Stresses Importance of Fair Lending for Minority and Women-Owned Businesses
Minority and women-owned businesses have taken a particularly hard hit amidst the COVID-19 crisis. As a result, it’s imperative for business owners to recognize any signs of discrimination preventing them from receiving PPP funding. Read more.
Guidance on PPP for Self-Employed and Partners
New SBA guidance for self-employed individuals and partnerships can be helpful in preparing for the next round of PPP funding. Learn more about the guidance from our business advisors.
Paycheck Protection Program Exhausts Funding
The SBA announced it has exhausted the $349 billion of funding created to provide financial relief for small businesses in the wake of the COVID-19 pandemic.
Main Street Lending Program Provides Alternative for COVID-19 Relief
The Federal Reserve has announced its new Main Street Lending Program designed to aid small and mid-sized businesses affected by the COVID-19 pandemic, especially those not eligible for PPP loans. Explore this new loan option and see if your business qualifies.
Using a 13-Week Cash Flow Forecast in Today’s COVID-19 Environment
A helpful tool for business owners to consider during the COVID-19 emergency is a 13-week cash flow forecast. Our affiliate, Doeren Mayhew Capital Advisors, explores this tool, including the benefits of creating one and providing an example template to get you started.
Applying for an SBA Paycheck Protection Loan? It’s Not Too Late…Yet
Given the new loan forgiveness provision outlined under the SBA’s Paycheck Protection Program, many small businesses are hurrying to apply for loans. Find out why you should apply before it’s too late.
Governor Whitmer Clarifies How Executive Order Applies to Construction Industry
Read Governor Gretchen Whitmer’s response regarding the permissibility of specific construction projects in Michigan.
Oakland County Requires Employee COVID-19 Screenings
Oakland County Executive David Coulter has put an executive health order in place requiring COVID-19 screening procedures for employees of essential businesses and implementing social distancing protocols for employees and customers. Learn more about the executive health order.
5 Things Small Businesses Should Know About COVID-19 Disaster Loan Relief
As part of its Economic Injury Disaster Loan Program, the U.S. Small Business Administration (SBA) is providing low-interest working capital loans to small business owners affected by COVID-19. If you are interested in pursuing an SBA loan, here are five things you’ll need to know.
Guidance for Michigan Employers Contemplating Layoffs During Coronavirus Outbreak
The Department of Labor and Economic Opportunity has provided guidance to Michigan employers on ways to avoid potential layoffs related to COVID-19. Explore the options they propose in this article.
Texas Contractors Response to Executive Order
Read a combined response from various Texas construction associations to Governor Abbott’s recent Executive Orders.
SBA Offers Disaster Assistance in Response to COVID-19
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital and to overcome the temporary loss of revenue to small businesses in designated states and territories as result of COVID-19. Gain insight on the loan offering and qualified areas.
Tax Implications of Working from Home and Collecting Unemployment
Whether you lost your job and are collecting unemployment or you’re still working from home due to the pandemic, you should be aware of the potential tax implications. Read more.
Trump’s Payroll Tax Deferral is Optional for Employees
After much confusion following the announcement of President Trump’s payroll tax deferral program, the IRS has confirmed the deferral is optional for employees. Learn more.
3 COVID-19-Related Tax Credits to Take Advantage of Before Year End
As year-end approaches, employers should take advantage of the COVID-19-related tax credits available from the FFCRA and CARES Act while they’re still available. Doeren Mayhew’s advisors share insights so your business doesn’t miss out.
IRS Introduces Favorable 2020 RMD Guidance
If you’ve already taken an RMD from your retirement account this year, the IRS’s new guidance is sure to benefit you. Doeren Mayhew’s advisors further explore this favorable guidance.
FASB Extends Optional Deferral of New Revenue and Leases Guidance to Private Entities
Private companies and not-for-profits now have another year to adopt the new revenue recognition and leases standards due to the COVID-19 crisis. Gain insight into how this may impact your business.
IRS Increases Eligibility for COVID-19-Related Retirement Plan Withdrawals
The IRS recently expanded the list of individuals who are eligible to use retirement funds for special COVID-19 tax relief. Learn more about this new guidance and see if you qualify.
Reminder: Estimated Tax Payment Deadline Postponed to July 15
Doeren Mayhew would like to remind individuals and businesses the estimated tax payment deadline was pushed to July 15, leaving you a little over a month left to make your payment. Learn how to estimate and pay your taxes.
State Tax Implications of Employees Working Remotely
Are there tax implications for your employees working remotely instead of in the office? Get an inside look from Doeren Mayhew’s tax advisors.
IRS Issues Guidance to QOFs and Investors for Coronavirus-Related Tax Relief
If you have recently invested in a Qualified Opportunity Fund, gain insight into the IRS’s new COVID-19 tax relief guidance.
Was Your Economic Impact Payment Less Than You Expected?
Did you receive your economic impact payment only to find out it’s less than what you were expecting? Doeren Mayhew’s tax advisors explore some of the potential reasons why.
Answers to Popular COVID-19 Tax Questions
If you’re one of the millions of Americans wondering about their finances during the COVID-19 pandemic, you’re not alone. Get the answers to some of the most commonly asked tax questions.
Deductions Paid with Forgiven PPP Loans Denied by IRS
If your business’s PPP loan is forgiven, it’s important to note you may not be able to take tax deductions for associated wages and other business expenses. Doeren Mayhew gives you an inside look at the IRS’s new guidance.
PPP Process Reignites a Common Question – Employee Versus Independent Contractor?
Employee or independent contractor? With the next round of PPP funding around the corner, how you classify your workers on the loan application is crucial. Learn more.
3 Ways for Non-Profits to Obtain Financial Relief During the COVID-19 Pandemic
As funding for PPP and disaster relief loans has already been exhausted, non-profits may be wondering about their options for financial relief. Doeren Mayhew gives an inside look into three unique opportunities for non-profits.
3 Key Takeaways from IRS Guidance on Employment Tax Deferrals
The IRS recently addressed guidance about how employment tax deferrals can be treated in relation to recent COVID-19 legislation. Gain three key takeaways of this guidance from Doeren Mayhew’s tax advisors.
COVID-19 Economy Spurs Estate and Gift Tax Planning Opportunities
While estate planning may not be on your mind right now, the COVID-19 emergency presents opportunities for individuals to take advantage of low business valuations to minimize estate and gift taxes. Explore why now is a great time for a business valuation.
CARES Act Provides Interest Limit Relief for Real Estate Businesses
The IRS recently released new guidance for real estate and farming businesses related to interest limit relief outlined by the CARES Act. Gain an understanding of the interest limit changes and the options that are available to your business.
Economic Impact Payment Scams – What to Look Out For
The IRS has reported a recent surge in scams and phishing attempts pertaining to taxpayers’ upcoming economic impact payments. Doeren Mayhew fills you in on the tricks scammers will use so you can protect yourself.
IRS Releases Guidance on Claiming NOLs Under the CARES Act
The IRS recently issued guidance that provides tax relief under the CARES Act for taxpayers with net operating losses (NOLs). Learn how this new guidance may benefit you and your business.
IRS Extends More Tax Deadlines
The IRS recently announced it has extended tax filing and payment deadlines to July 15, 2020 for those who qualify. Explore how this extension can impact you and your business.
CARES Act Prompts Partnership Filing Relief
Partnerships can now file amended returns in lieu of filing an administrative adjustment request to take advantage of the CARES Act. Explore the significant tax savings opportunities available to eligible partnerships.
Michigan Extends April 15 Tax Deadline
Michigan Governor Gretchen Whitmer has signed an executive order extending the state tax filing and payment deadline amid the coronavirus pandemic from April 15, 2020 to July 15, 2020. Learn more about the delayed deadline.
COVID-19 Creates Opportunities for Low Tax Cost Wealth Transfers
COVID-19 is creating quite a disruption in our national and local economies, as well as market and interest rates. However, there is one area where taxpayers can use this disruption as a tax benefit: wealth transfers. Gain insight into the factors causing this opportunity.
IRS Issues Guidance on Tax Deadline and Payment Extensions
In response to the Department of Treasury’s decision to move the tax filing deadline to July 15, 2020, the Internal Revenue Service issued Notice 2020-18. Learn more about the guidance provided for the federal filing and payment extension.
U.S. Tax Filing Deadline Pushed to July 15
U.S. Secretary of Treasury Steven Mnuchin announced today the tax deadline for U.S. taxpayers will be extended to July 15, 2020. Gain insight into the decision.
Proposed Coronavirus Relief to Hit Senate Floor This Week
Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the COVID-19 and the implications for individuals and businesses. Learn more about the bipartisan bill expected to be taken up by Senate this week.
Government Postpones Tax Payment Deadlines by 90 Days
The U.S. government and Trump administration announced they have postponed the Apr. 15 tax payment deadline giving taxpayers another 90 days to pay their 2019 income-tax bills. Learn more about the new deadline.
Insurance Carriers Respond to COVID-19 Crisis
Doeren Mayhew Insurance Group gives an inside look into how popular insurance carriers are reducing costs and helping their customers amidst the COVID-19 crisis.
Protecting Yourself from Opportunistic Fraud
The ongoing health crisis has created many new opportunities for fraudsters to prey upon innocent Americans – don’t be their next target. Doeren Mayhew’s advisors provide proactive steps you can take now to avoid COVID-19 fraud schemes.
The Do’s and Don’ts of Zoom Calls While Working Remote
From conference calls to virtual happy hours, Zoom is a helpful tool for employees working remotely amidst the COVID-19 pandemic. However, it can also present cybersecurity risks to your business. Learn more.
4 Ways to Mitigate Cyberattacks Amidst Growing Coronavirus Concerns
As organizations navigate the growing concerns of the novel Coronavirus (COVID-19), cybercriminals are capitalizing on the opportunity to compromise companies and user data. Doeren Mayhew shares 4 ways to mitigate cyberattack amidst the outbreak.
COVID-19’s Effect on Transfer Pricing
When it comes to transfer pricing, low-risk distributors and low-risk service providers are said to never lose money. However, the COVID-19 crisis warrants a review of this theory. Learn more from our affiliate, Moore Doeren Mayhew.
Treasury, IRS Release Cross-Border Tax Guidance for Travel Disruptions Due to COVID-19
As COVID-19 has spread across the world, many people and businesses have been affected by international travel disruptions. Gain insight into the newly-issued cross-border tax guidance.
New Employee Benefit Plan Auditing Standard Delayed
New employee benefit plan auditing standards expected to have a Dec. 15, 2020 effective date have been delayed a year. Read more.
CARES Act Impact on Retirement Plans
Among the many relief measures of the CARES Act are retirement plan provisions, which free up access to cash flow during these unprecedented times. Explore the benefits of these provisions for both you and your business.
CARES Act Changes Retirement Plan and Charitable Contribution Rules
The new CARES Act offers financial relief through economic impact payments, but it also creates favorable updates to retirement plan and charitable contribution rules. Get an inside look at these changes and how they can benefit you.
Assessing Safety and Soundness of Financial Institutions in The Face of COVID-19
Financial institutions – interagency guidance has been issued to promote consistency in safety measures for banks and credit unions affected by COVID-19. Gain insight into what supervisory examiners will be looking for.
CFPB Releases Consumer Reporting FAQs
Financial institutions – get an inside look at the CFPB’s new Consumer Reporting FAQs to learn the CARES Act’s compliance impact on the Fair Credit Reporting Act and Regulation V requirements.
CFPB Releases Complaint Bulletin
Explore the CFPB’s newly-released Complaint Bulletin, which reflects complaint data changes from before and after the announcement of the COVID-19 pandemic.
SBA Announces Procedures for PPP Lenders to Collect Loan Processing Fee
Financial institutions – here’s what you need to know about the SBA’s latest guidance for collecting PPP loan processing fees.
FinCEN Issues Advisory on Medical Scams Necessitating SARs
FinCEN has recently reported an influx in medical scams due to the COVID-19 pandemic. Financial institutions – learn what to look out for and how to file a suspicious activity report.
CFPB Issued Open-End Lending FAQs
Creditors – you may now change open-end lending account terms without providing advanced notice as a means to help your customers with temporary hardship arrangements. Learn more about the CFPB’s new guidance.
FHFA Extends Foreclosure and Eviction Moratorium
Due to the COVID-19 crisis, the FHFA has extended the moratorium on foreclosures and evictions until at least June 30th, 2020. Discover what this means for your financial institution’s mortgage processing.
FHFA Announces Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans
Mortgage borrowers on a COVID-19 forbearance plan can now benefit from a new payment deferral option. Financial institutions – learn how this will impact your lending operations.
Federal Reserve Posts Pandemic Related Flood Insurance Compliance Information
New flood insurance compliance regulations may impact your financial institution during COVID-19. Learn more.
CFPB Issues COVID-19 Related Adverse Action FAQs
Financial institutions – gain clarity on how to handle Regulation B adverse action notices in response to PPP loan applications.
CFPB Relaxes Mortgage Operations for Those Impacted by COVID-19
Consumers with urgent financial needs due to COVID-19 can now quickly access mortgage credit thanks to relaxed disclosure requirements. Read more about this new guidance from the CFPB.
Federal Reserve Finally Drops Regulation D Six Transactions Limitation
The Federal Reserve has dropped Regulation D, giving account holders the freedom to transfer or withdraw money from a savings account more than six times per month. Learn more.
OFAC Acknowledges Possible Compliance Delays Due to the Pandemic
The Office of Foreign Assets Control (OFAC) is encouraging financial institutions to contact OFAC if they are experiencing delays in meeting compliance deadlines. Gain insight into these deadlines and how to contact OFAC.
Fed Issues Interim Rule Exempting PPP Loans from Regulation O
The Federal Reserve issued an interim final rule permitting PPP loans to be made to bank insiders and not be in violation of Regulation O. Learn more about this new rule and how it impacts your financial institution.
FFIEC Releases Computational Tools
The FFIEC has released two computational tools to assist with calculating the Annual Percentage Rate and the Annual Percentage Yield. Gain an understanding of these new tools and how to best leverage them in your operations.
ACH Issues with Economic Impact Payments
The National Automated Clear House Association has answered common questions regarding issues financial institutions are experiencing while processing economic impact payments. Get informed by reading the answers.
Paycheck Protection Program Liquidity Facility Operational
The Federal Reserve announced its Paycheck Protection Program Liquidity Facility is fully operational and available for institutions to use. Read more about it here.
NCUA Issues Three Rules in Response to the COVID-19 Pandemic
The National Credit Union Administration recently issued temporary, interim and final rules related to the COVID-19 pandemic. Gain an understanding of these new rules and how they will impact credit unions.
CFPB Issues HMDA Final Rule
The CFPB has amended the Home Mortgage Disclosure Act to permanently increase the threshold for closed-end mortgage loan reporting. See how this new guidance impacts your financial institution.
Bank Secrecy Act Exam Manual Updated
The FFIEC announced it updated several sections and examination procedures to the Bank Secrecy Act/Anti-Money Laundering Examination Manual. Get an inside look into how this will affect your financial institution’s BSA/AML operations.
Agencies Issue Appraisal Joint Statement and Interim Final Rule
The OCC, FRB, FDIC, NCUA and CFPB have issued an Interagency Statement to address real estate appraisals affected by the COVID-19 pandemic. Gain an understanding of how this will impact financial institutions.
CFPB Issues Interpretative Rule on the Regulation E Compulsory Use Prohibition
The CFPB recently issued an Interpretive Rule applying the Regulation E compulsory use prohibition to the treatment of pandemic relief payments. Learn what this means for financial institutions.
FinCEN Issued Two PPP FAQs
FinCEN has answered two frequently asked questions addressing the Paycheck Protection Program and the Bank Secrecy Act. Doeren Mayhew’s Financial Institutions Group gives you an inside look into the responses.
CFPB Extends Temporary Remittance Transfer Exception
The CFPB issued a Policy Statement announcing it is extending the time period for remittance transfer providers who provide estimated exchange rates and certain third-party fees, instead of exact amounts. Find out how this affects credit unions and banks.
NCUA Increases Funding for COVID-19 Emergency Response Grants
The NCUA has announced it will commit additional funding to provide credit unions and their members with COVID-19 assistance. Get an inside look into the grant’s limits, usage and how to apply for one.
Fannie Mae Issues Servicing Update Due to Impact of COVID-19
Fannie Mae has recently issued an update to Lender Letter (LL-2020-02) regarding the impact of COVID-19 on mortgage servicing. Get an inside look into this new guidance.
Regulators Issue Joint Statement and FAQs on Mortgage Servicing Rules in Response to Pandemic and CARES Act
Regulators have issued a joint statement addressing questions about how loan servicers should approach borrowers experiencing a financial hardship due to the COVID-19 emergency. Read Doeren Mayhew’s account of the statement.
Federal Housing Agency Releases Guidance Amid COVID-19 Pandemic
The Federal Housing Agency (FHA) recently released guidance in response to the COVID-19 pandemic. Read Doeren Mayhew’s highlights of the new guidance.
COVID-19 Pandemic Results in ACH Updates
In response to the Coronavirus (COVID-19) pandemic, the National Automated Clearing House Association (NACHA) has issued some updated guidance regarding ACH regulations. Find out how this affects financial institutions.
FinCEN Issues BSA Pandemic Notice
The Financial Crimes Enforcement Network (FinCEN) recently issued a notice to assist financial institutions in complying with the Bank Secrecy Act (BSA) during the COVID-19 pandemic. See what this new notice means for banks and credit unions.
CFPB Relaxes FCRA Dispute Requirements
The CFPB has issued a new statement which eased the rules involving Fair Credit Reporting Act dispute requirements. Read more.
Fannie Mae Updates Lender Letters
Doeren Mayhew’s advisors outline the latest modifications to Lender Letters as of March 31, 2020. Learn more about these updates.
Reserve Requirement Changes Impacting Deposit Accounts
The Federal Reserve Board recently announced it is reducing the reserve requirement ratio for net transaction accounts to zero percent. Read more about this decision.
CARES Act Impacts Regulatory Compliance for Financial Institutions
The recently passed CARES Act contains provisions that directly impact financial institution regulatory compliance. Gain insight into what banks and credit unions need to know about this new act.
Fannie Mae Introduces Payment Deferral
A new Lender Letter has been issued by Fannie Mae introducing payment deferrals designed to assist eligible borrowers who have recently resolved a temporary hardship and resumed payments, but cannot afford the full reinstatement. Read a summary of the new letter by our Financial Institutions Group.
CFPB Eases Select Compliance Requirements
The Consumer Financial Protection Bureau (CFPB) has announced it is temporarily relaxing a few requirements under the Home Mortgage Disclosure Act. Gain insight into what this means for financial institutions.
Fannie Mae Issues Lender Letters Regarding COVID-19
At the direction of the Federal Housing Finance Agency (FHFA) and in alignment with Freddie Mac, Fannie Mae (FNMA) published multiple Lender Letters to enable servicers to better assist borrowers impacted by COVID-19. Learn more about these new letters by reading a summary from our Financial Institutions Group.
Pandemic Planning Aspects Credit Unions Need to Be Aware Of
In response to the ongoing economic effects of COVID-19, the Federal Financial Institutions Examination Council has issued additional guidance on pandemic planning for credit unions. Gain insight into how to effectively evaluate your continuity plan and ensure your data is secure.
Community Reinvestment Act Offers Favorable COVID-19 Treatment
Banks modifying loans, waiving fees and helping communities in the wake of the economic crisis caused by the Coronavirus (COVID-19) will receive credit for these activities under the Community Reinvestment Act (CRA). Gain insight into the new act.
Loan Modification Guidance Amid Coronavirus Pandemic
An interagency statement has recently been issued to financial institutions working with borrowers affected by the Coronavirus (COVID-19). Learn more about the guidelines of the new statement.
HUD Offers 30-Day Extension on Financial Statements
The United States Department of Housing and Urban Development (HUD) issued approval for a 30-day extension for all financial statements having a due date of March 31, 2020 due to the novel COVID-19 virus outbreak. Learn more about the extension in this article.
FinCEN Issues Warning of COVID-19 Fraud and Illicit Behavior
The Financial Crimes Enforcement Network recently advised financial institutions to be alert of illicit behaviors associated with COVID-19. Discover the scams you need to be aware of.
Credit Unions Provided Unprecedented Flexibility in Serving Members in Response to Virus
The National Credit Union Administration has issued a letter to assist credit unions in providing relief to members coping with the coronavirus. Read an outline of the new letter.
Centers for Disease Control and Prevention
Health and Human Services
World Health Organization
Internal Revenue Service Coronavirus Tax Relief
American Medical Association
United States Department of Labor
Federal Emergency Management Agency
Small Business Administration’s Lenders and Borrowers FAQ
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