Lending

Credit unions have seen historic mortgage growth so far this year despite the pandemic, but there are concerns some institutions may be overly relying on refinancing and not focusing enough on generating new purchase business.

The Home Loan bank will make zero-interest loans, match charitable donations that members make to nonprofits and small businesses, and provide additional funding for economic development grants.

The FHFA will allow Fannie Mae and Freddie Mac, for a limited time, to purchase loans for which the borrower has sought to postpone payments because of the economic effects of the coronavirus.

The central bank's sweeping actions suggest a cash shortage gripping sectors directly hit by the pandemic. Banks were supposed to be protected by Dodd-Frank but are still vulnerable to a funding domino effect.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

The central bank said it was establishing the Commercial Paper Funding Facility to "support the flow of credit to households and businesses."

Companies that scored highest in this year’s Best Fintechs to Work For (a ranking compiled by our parent company, Arizent) go beyond the basics of strong pay packages, generous benefits and effective leadership to take a more holistic interest in their employees’ lives, according to the data.

Data from the Credit Union National Association indicates the rule has decreased lending and increased costs as institutions work to stay compliant.

The Federal Housing Finance Agency is revising the multifamily loan purchase caps for the mortgage giants Fannie Mae and Freddie Mac to increase affordable housing.

Public orders are an effective way to discourage violations of consumer protection law, the bureau's director said at a credit union conference.