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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated...
Federal Activities: On March 12, the U.S. Department of the Treasury announced that American Rescue Plan Economic Impact Payments will begin rolling out to millions of Americans in the coming weeks. For more information, click On March 11, President Joe Biden signed the $1.9 trillion American Rescue Plan Act into law, which will send aid to millions of Americans impacted by the COVID-19 pandemic. The American Rescue Plan provides $1,400 direct payments to individuals making up to $75,000 annually, $350 billion in aid to state and local governments, and $14 billion for vaccine distribution. T...
Federal Activities: On March 6, the U.S. Senate passed a $1.9 trillion COVID-19 relief package, which will now head back to the U.S. House of Representatives for approval. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate. For more information, click On March 5, the Federal Reserve Board clarified guidance relating to definitions for minority depository institutions (MDIs)...
Federal Activities: On March 1, Federal Housing Finance Agency Director Mark Calabria announced that he authorized the disbursement of $1.09 billion for Fannie Mae and Freddie Mac’s affordable housing allocations for 2020. $711 million will go to the U.S. Department of Housing and Urban Development for the Housing Trust Fund, an increase from the $326.4 million disbursed for 2019. The sum of $383 million will go to the Department of the Treasury for the Capital Magnet Fund, an increase from the $175.8 million disbursed for 2019. For more information, click On February 25, the Board of Gove...
Federal Activities: On February 12, the Secretary of the Treasury Janet Yellen participated in a virtual meeting with G7 finance minsters and central bank governments. The secretary emphasized the commitment of the Biden administration to multilateralism to solve global issues, stating that the United States “places a high priority on deepening our international engagement and strengthening our alliances.” For more information, click On February 12, the Federal Reserve Board released the hypothetical scenarios for its 2021 bank stress tests. Last year, the board found that large banks we...