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Impact of COVID-19-Related Forbearances on the Federal Mortgage Finance System [May 13, 2020]
From the Document: "One of the major economic impacts of the Coronavirus Disease 2019 (COVID-19) pandemic has been loss of income, which has left many Americans unable to repay their financial obligations--including their mortgage payments. In response, regulators have encouraged financial institutions to work with customers to allow them to defer payments on mortgages through a process known as 'forbearance.' Provisions in the CARES [Coronavirus Aid, Relief, and Economic Security] Act (P.L. 116-136) require mortgage servicers to provide several months of forbearance to borrowers (at the borrowers' requests, after they demonstrate a COVID-19-related financial hardship) with a 'federally backed mortgage.' This Insight explains the term federally backed mortgage and examines some of the potential impacts that forbearance on these mortgages may have on the mortgage finance system"
Library of Congress. Congressional Research Service
Scott, Andrew P.
2020-05-13
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Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [April 28, 2020]
From the Summary: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) was signed into law as P.L. 116-136 on March 27, 2020, to assist those affected by the economic impact of Coronavirus Disease 2019 (COVID-19). This assistance is targeted to consumers, businesses, and the financial services sector. A key part of this assistance is provided to eligible businesses, states, and municipalities in Division A, Title IV of the CARES Act. Title IV allocates $500 billion to the Department of the Treasury (through the Exchange Stabilization Fund) to make loans and guarantees for three specified industries--passenger airlines, cargo airlines, and businesses critical to national security--and to support Federal Reserve lending facilities."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Egar, William T.; Gnanarajah, Raj . . .
2020-04-28
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Fintech: Overview of Innovative Financial Technology and Selected Policy Issues [April 28, 2020]
From the Summary: "Advances in technology allow for innovation in the ways businesses and individuals perform financial activities. The development of financial technology--commonly referred to as 'fintech'-- is the subject of great interest for the public and policymakers. Fintech innovations could potentially improve the efficiency of the financial system and financial outcomes for businesses and consumers. However, the new technology could pose certain risks, potentially leading to unanticipated financial losses or other harmful outcomes. Policymakers designed many of the financial laws and regulations intended to foster innovation and mitigate risks before the most recent technological changes. This raises questions concerning whether the existing legal and regulatory frameworks, when applied to fintech, effectively protect against harm without unduly hindering beneficial technologies' development."
Library of Congress. Congressional Research Service
Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .
2020-04-28
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Fintech: Overview of Financial Regulators and Recent Policy Approaches [April 28, 2020]
From the Summary: "New technologies in the financial services sector can create challenges for the various federal agencies responsible for financial regulation in the United States. As these regulators address the potential benefits and risks of innovation, policymakers have demonstrated significant interest in understanding the types of technologies that may benefit consumers and financial markets while identifying the risks that new financial services may present. As Congress considers the potential tradeoffs of financial technology or 'fintech', it can be useful to understand how the financial system regulators are approaching these issues."
Library of Congress. Congressional Research Service
Scott, Andrew P.
2020-04-28
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Bank and Credit Union Regulators' Response to COVID-19 [Updated April 20, 2020]
From the Document: "Once it became clear that the coronavirus (COVID-19) outbreak would have serious financial ramifications, the federal agencies that regulate banks and credit unions--the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and Consumer Financial Protection Bureau (CFPB) (collectively referred to as the bank regulators), and the National Credit Union Administration (NCUA)--responded using existing authorities in two broad ways: [1] taking measures to encourage banks to work with customers affected by COVID-19; and [2] making adjustments to bank regulation."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Perkins, David W.
2020-04-20
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COVID 19: Consumer Loan Forbearance and Other Relief Options [May 14, 2020]
From the Introduction: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. As this situation rapidly evolves, the economic impact due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions will be large. Consequently, many Americans will lose income and face financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. 5 First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-05-14
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COVID-19 and the Banking Industry: Risks and Policy Responses [June 18, 2020]
From the Summary: "The Coronavirus Disease 2019 (COVID-19) pandemic has caused widespread economic disruption. Millions of businesses were forced to shut down and unemployment soared. The weakened economic conditions are likely to have implications for the financial system, including for banks and the banking industry. Many bank assets are loans to households and businesses, and banks rely on the inflow of repayments on those loans to make profits and meet their obligations to depositors and creditors. If repayments suddenly decline, banks can become distressed and potentially fail. Bank failures can be especially disruptive to the economy because they remove an important credit source for communities, and the financial system can become unstable if failures are widespread."
Library of Congress. Congressional Research Service
Perkins, David W.; Labonte, Marc; Gnanarajah, Raj . . .
2020-06-18
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COVID-19 Impact on Commercial Real Estate and Commercial Mortgage-Backed Securities [June 19, 2020]
From the Document: "The economic turmoil resulting from Coronavirus Disease 2019 (COVID-19)--particularly business interruptions and the decline in consumer activity--has negatively affected commercial real estate in numerous ways, leading to a sharp increase in delinquencies among commercial mortgage-backed securities (CMBS) borrowers in the past month. This Insight provides a brief overview of the commercial real estate (CRE) market, as well as some policy issues that may be of interest to Congress."
Library of Congress. Congressional Research Service
Scott, Andrew P.
2020-06-19
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Pandemic-Related Statutory Provisions Expiring in 2020 [Updated December 17, 2020]
From the Document: "Beginning in March 2020, several laws were enacted to provide temporary economic and regulatory relief to individuals and businesses affected by the Coronavirus Disease 2019 (COVID-19) pandemic. These include the Families First Coronavirus Response Act (FFCRA; P.L. 116-127), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), and the Emergency Aid for Returning Americans Affected by Coronavirus Act (P.L. 116-148). Many of the provisions enacted in these laws remain in effect; some have expired. The dates on which provisions in these laws expire vary by provision. [...] This report identifies provisions enacted in response to the COVID-19 pandemic that have already expired or are set to expire by the end of calendar year 2020. It also includes provisions that expired, but that were administratively extended until December 31, 2020, or an earlier date. For the purposes of this report, expiring provisions are defined as provisions of law that are time-limited and lapse upon a statutory deadline being reached, absent further legislative or administrative action. This report excludes provisions with an expiration that coincides entirely with the ending date of a declared public health emergency or other qualifying emergency in the United States."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Smole, David P.
2020-12-17
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Big Data in Financial Services: Privacy and Security Regulation [November 15, 2019]
From the Document: "Congress has shown interest in data privacy and security issues in the financial services industry, including an upcoming House Financial Services task force hearing. Recent data breaches at large financial institutions and credit reporting agencies have increased concern about the privacy and security of the large amounts of consumer financial information (known increasingly as 'big data') that companies gather, use, and store. Some of this information is public, whereas other information is considered personal and nonpublic. No single law provides a framework for regulating data privacy in the United States. Instead, myriad laws cover different industries. In the financial services industry, several federal and state laws cover data privacy; most comprehensively, the Gramm-Leach-Bliley Act (GLBA; P.L. 106-102) directs financial regulators to implement disclosure requirements and security measures to safeguard private information. This Insight summarizes GLBA's regulatory implementation and discusses policy issues for Congress."
Library of Congress. Congressional Research Service
Scott, Andrew P.
2019-11-15
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Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [Updated August 5, 2020]
From the Introduction: "On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) into law as P.L. 116-136. The CARES Act is a wide-ranging act to provide relief to consumers, small businesses, and certain industries amid the economic fallout of COVID-19. [...] Title IV of the CARES Act contains numerous provisions aimed broadly at stabilizing the economy and helping affected households and businesses. It has received considerable attention for containing funding for industry and financial services. Specifically, Section 4003 directs the Department of the Treasury (Treasury) and the Federal Reserve (Fed) to make up to $500 billion available to support various businesses in the aviation sector, as well as the financial system. [...] This report provides an overview of Section 4003 and related provisions and explains the terms and conditions associated with the assistance. The report's Appendix compares these provisions to the 2008 Troubled Asset Relief Program (TARP)."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Egar, William T.; Gnanarajah, Raj . . .
2020-08-05
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Telegraphs, Steamships, and vi rtual Currency: An Analysis of Money Transmitter Regulation [August 20, 2020]
From the Summary: "Money transmission is an age-old practice. What started as a way of sending money to a person across the country via telegraph networks has evolved into a complex world of electronic payments on a global scale among several types of institutions. Some prominent companies, such as Western Union, MoneyGram, and PayPal, are well-known examples of money transmitters, but thousands of smaller money transmitters in the United States operate in the background of many financial services transactions Americans use every day. For example, Americans use money transmitters to pay bills, purchase items online, or send funds to family members and friends domestically and abroad. A number of social and financial issues attracting congressional interest, such as immigration, payroll processing, prison reform, campaign finance, and anti-money laundering (AML), have at least one thing in common: a money transmitter."
Library of Congress. Congressional Research Service
Scott, Andrew P.
2020-08-20
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Title IV Provisions of the CARES Act (P.L. 116-136) [April 2, 2020]
From the Document: "Economic conditions have deteriorated rapidly in the past few weeks, as the Coronavirus Disease 2019 (COVID-19) pandemic has caused many businesses and public institutions to limit or close their operations, increasing financial hardship for many Americans due to layoffs or time off of work due to illness. COVID-19's effect on the airline industry has been one of many areas of interest for Congress. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law as P.L. 116-136. The act contains a number of provisions aimed broadly at stabilizing the economy and helping affected households and businesses. Specifically, Title IV of the CARES Act grants funds to industries affected by the virus and new authorities to the regulators and agencies responsible for those industries, waives requirements for industries to meet certain regulatory requirements, and provides added oversight and consumer protections, each on a temporary basis."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Cecire, Michael H.; Cooper, Cheryl R. . . .
2020-04-02
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COVID-19: Support for Mortgage Lenders and Servicers [April 7, 2020]
From the Document: "The coronavirus (COVID-19) pandemic has affected the economy in numerous ways. Many states have issued some variation of a lockdown, restricting when citizens can leave their home and limiting business operations to critical services, such as groceries or pharmacies. Many businesses have closed operations, while others have reduced their workforce considerably. As a result, jobless claims have increased since the outbreak, leaving many consumers struggling to meet their financial obligations. One of the most significant financial obligations consumers are struggling to meet is their mortgage or rent payments. In the past three weeks, banking regulators have taken measures to provide consumers relief through payment deferral and loan modification plans. [...] Federal housing agencies issued a 60-day moratorium on foreclosures and evictions on March 18. In addition, Congress passed the CARES [Coronavirus Aid, Relief, and Economic Security] Act (P.L. 116-136), which contains provisions allowing consumers to enter into forbearance (payment deferment) agreements on certain qualifying mortgages and temporarily suspend certain foreclosures and evictions. If, however, missed loan payments generate mounting losses on depository institutions (i.e., banks and credit unions), their capital can erode quickly."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Getter, Darryl E.
2020-04-07
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COVID 19: Consumer Loan Forbearance and Other Relief Options [Updated June 2, 2020]
From the Summary: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. This situation is evolving rapidly, and the economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans will lose income and face financial hardship due to the COVID-19 pandemic. Many consumers may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. Due to increasing hardship, 'loan forbearance' has become a common form of consumer relief during the COVID-19 pandemic. Loan forbearance plans are agreements that allow borrowers to reduce or suspend payments for a short period of time, providing extended time for consumers to become current on their payments and repay the amounts owed. These plans do not forgive unpaid loan payments and tend to be appropriate for borrowers experiencing temporary hardship. Loan forbearance may become a less viable option to deal with the financial ramifications of COVID-19 if the pandemic causes prolonged disruptions, such as persistent elevated levels of unemployment or permanent business closures."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-06-02
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Banking Regulators' Response to COVID-19 [March 25, 2020]
From the Document: "Economic conditions have deteriorated rapidly in the past few weeks, as the coronavirus (COVID-19) outbreak has caused many businesses and public institutions to limit or close their operations. Policymakers are considering a range of programs and policy options to assist Americans facing increased financial hardship and those incurring time off work because of illness. Once it became clear that the COVID-19 outbreak would have serious financial ramifications for households and businesses, the federal agencies that regulate banks and credit unions--the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and Consumer Financial Protection Bureau (collectively referred to as the bank regulators), and the National Credit Union Administration--responded in two general ways as discussed in this Insight: [1] measures to encourage banks to work with customers affected by COVID-19; and [2] adjustments to bank regulation related to capital, liquidity, and supervision."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Perkins, David W.
2020-03-25
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Mortgage Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act [April 14, 2020]
From the Document: "The COVID-19 [coronavirus disease 2019] pandemic has had wide-ranging impacts. With many households experiencing income disruptions, some may have difficulty making their mortgage or rent payments on their homes. An inability of tenants to pay rent can, in turn, impact the ability of landlords to remain current on any mortgage on the rental property."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Jones, Katie
2020-04-14
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COVID-19 Impact on the Banking Industry: Lag Between Recession and Bank Distress [September 10, 2020]
From the Document: "Economic recessions and financial crises can cause distress in the banking industry. Typically, there is a lag between the onset of a recession and the peak of bank industry distress. The economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic could similarly stress the banking industry, perhaps acutely, given the sudden and unprecedented nature of the economic contraction. Even though this contraction is severe, a lag is expected, and certain provisions in the Coronavirus Aid, Relief, and Economic Recovery Act (CARES Act; P.L. 116-136) may lengthen it."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Perkins, David W.
2020-09-10
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COVID-19: Consumer Loan Forbearance and Other Relief Options [Updated October 23, 2020]
From the Document: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. The economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and faced financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Perkins, David W. . . .
2020-10-23
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COVID-19 and the Future of Commercial Real Estate Finance [October 19, 2020]
From the Document: "Commercial real estate (CRE) refers to a broad range of properties, including office buildings, hotels, retail storefronts, restaurants, hospitals, stadiums, schools, and apartments. The market for CRE financing is over $3 trillion. [...] Because so many different sectors of the economy participate in the CRE market, economic conditions often can have disparate effects on different subsectors. [...] Future economic conditions are uncertain. The impacts of the pandemic may result in a substantially changed world for CRE, as lenders structure deals and offer credit to commercial borrowers in new ways to address risks associated with changing social preferences. Further, if the economic downturn from the pandemic were to become protracted, even though failed CRE can enter private-sector bankruptcy to resolve bad debts, Congress could consider intervening and providing financial assistance as it has in other troubled sectors."
Library of Congress. Congressional Research Service
Scott, Andrew P.
2020-10-19
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CARES Act Title IV Financial Assistance Ends [January 8, 2021]
From the Document: "Under Title IV of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136), the U.S. Department of the Treasury made loans to specified industries and investments in Federal Reserve programs, authorized until the end of 2020. While Coronavirus Disease 2019 (COVID-19) confirmed cases and deaths continue to reach new highs, financial conditions stabilized shortly after enactment of the CARES Act. This raised the question of whether assistance should be extended at least until the pandemic ended or allowed to expire because financial stability had been restored. The December COVID-19-related relief package (specifically, Division N, Title X, of P.L. 116-260) did not change the year-end expiration date and permanently closed down all but one of the Fed programs backed by CARES funding. In effect, those programs may be revived only by a future act of Congress and not at the Federal Reserve and Treasury Secretary's discretion. This Insight provides some preliminary observations on Title IV assistance."
Library of Congress. Congressional Research Service
Labonte, Marc; Scott, Andrew P.
2021-01-08
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Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [Updated January 6, 2021]
From the Introduction: "On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) into law as P.L. 116-136. The CARES Act is a wide-ranging act to provide relief to consumers, small businesses, and certain industries amid the economic fallout of COVID-19 [coronavirus disease 2019], which featured unprecedented business disruptions. Title IV of the CARES Act contains numerous provisions aimed broadly at stabilizing the economy and helping affected households and businesses. It has received considerable attention for containing funding for industry and financial services. Specifically, Section 4003 directs the Department of the Treasury (Treasury) and the Federal Reserve (Fed) to make up to $500 billion available to support various businesses in the aviation sector as well as the financial system. [...] This report provides an overview of Section 4003 and related provisions and explains the terms and conditions associated with the assistance. Additionally, it discusses the funds made available in Section 4112 of Title IV for worker support at air carriers and related businesses."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Labonte, Marc; Tang, Rachel Y. . . .
2021-01-06
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Pandemic-Related Provisions Expiring in the 117th Congress [March 8, 2021]
From the Introduction: "Since March 2020, a number of laws have been enacted to provide relief to people and businesses affected by the Coronavirus Disease 2019 (COVID-19) pandemic. These include the Families First Coronavirus Response Act (FFCRA; P.L. [Public Law] 116-127) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), which were enacted in March 2020, and the Consolidated Appropriations Act, 2021 (P.L. 116-260), which was enacted in December 2020. The laws enacted in response to the pandemic include a wide array of provisions, some of which are amendments to existing programs, benefits, and authorities, and others that are newly established. Many of these provisions were enacted on a temporary basis, where Congress specified an expiration date or limited period during which they would remain in effect. [...] This report identifies provisions enacted in response to the COVID-19 pandemic that are set to expire during the 117th Congress (i.e., before January 3, 2023). These provisions are presented in a series of tables organized by subject matter. The expiring provisions that are within the scope of this report are primarily those that define the authority of government agencies or other entities to act, usually by authorizing a policy, project, or activity. [...] The provisions included in the tables are generally limited to those that were initially enacted or amended in response to the pandemic, are currently in effect, and have expirations specified in statute that are set to occur during the 117th Congress."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Smole, David P.
2021-03-08
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Pandemics, Payments, and (Digital) Property [March 10, 2021]
From the Document: "Many people have heard the phrase 'cash is king,' but is that still true [hyperlink]? Even in today's digital world, cash is still an important tool for retail transactions among many consumers, and some still rely on it. But today, electronic payments are the primary mechanism for consumers to use money. Electronic payments are an old concept. For 60 years, Americans have been using cards that, when swiped, send a signal electronically to financial institutions to make a transfer of funds from the purchaser to the seller. Congress first passed the Electronic Fund Transfer Act (P.L. [Public Law] 95-630) in 1978 to regulate debit card transactions. Today, debit cards are the most common tool for consumer retail payments. But new forms of electronic payment have emerged for consumers ranging from prepaid cards to digital wallets to cryptocurrencies [hyperlink] and other forms of digital assets [hyperlink]. One of the byproducts of the Coronavirus Disease 2019 pandemic is an economic environment that encourages electronic payments. Perhaps not coincidentally, the universe of electronic payment options has increased substantially, with a few new types of tools gaining prominence in the past year. This Insight looks at how the pandemic has impacted consumer payments and how some of these trends are altering the way consumers pay for goods and services. Additionally, it considers how a prolonged pandemic economy may contribute to a new level of comfort among consumers seeking to use innovative payment options and how this may impact the future payments landscape."
Library of Congress. Congressional Research Service
Scott, Andrew P.
2021-03-10
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Cross-Cutting Issues in Cybersecurity: Financial Institutions [March 1, 2021]
From the Document: "Financial institutions remain a prime target for many types of malicious actors in cyberspace. The types of data these institutions hold make them a target, in addition to their role in managing money. As a result, government and industry have security requirements for these institutions. Because many financial institutions make significant investments in cybersecurity, the financial sector as a whole may provide insights into novel attacks and potentially cost-effective mitigation strategies. This Insight outlines the cybersecurity risk to the financial services industry and efforts by government and industry to address those risks."
Library of Congress. Congressional Research Service
Jaikaran, Chris; Scott, Andrew P.
2021-03-01
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