Community Banks and the Main Street Lending Program

The Federal Reserve continues to release additional guidance relating to the Main Street Lending Program (the “MSLP”) originally announced in April 2020. Though the program is still largely in the setup phase, many community banks are contemplating whether to participate.

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ECOA Implications for COVID Lending Programs

During the past month, banks have scrambled to accommodate customers—working around the clock to process emergency requests for loan modifications and thousands of applications under the Payroll Protection Program (PPP). They have done this with reduced staff, and while simultaneously overhauling delivery and workflow systems in an attempt to keep customers, employees and their families safe.

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Opening Up Bank Strategy Again

Banks can adopt their own version of the White House’s plan to reopen the economy by identifying key triggers for acting and preparing to implement those actions in a clear and organized fashion.

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