Coronavirus Response
WBA has been regularly updating our website with resources for our members and their customers. Our Resources page includes information about what our members are doing to help, be it donations to local organizations, small business loans and more. Our Emergency Preparedness page includes links to information from Washington State, the CDC and links to the recent ABA webinars on the pandemic. Finally, we have created a resource page specifically for our members, which includes guidance from DFI, the ABA toolkit for coronavirus and much more. One of the newest pieces is the Executive Summary of the CARES Act from the ABA, just added Thursday evening.
On Mondays and Thursdays at 2 p.m. I am hosting a conference call, along with the Oregon Bankers Association, where our banks can share what they have been doing and seeing on the frontlines. It has been a valuable resource as we all work together to respond to this unprecedented situation, and I appreciate the comments you share on the call as well as afterward and hope you will continue to do so.
National Updates
GSEs, HUB to Suspend Foreclosures Amid Coronavirus Pandemic: To help homeowners who may be facing financial hardships due to the pandemic, the Federal Housing Finance Agency announced last week that Fannie Mae and Freddie Mac will suspend foreclosures and evictions for at least 60 days.
McWilliams Calls on FASB to Offer CECL Postponement: Last week, FDIC Chair Jelena McWilliams asked FASB to allow banks that have begun implementing CECL to postpone it, as well as to impose a CECL moratorium for banks not yet implementing it, due to the ongoing pandemic.
Agencies to Give CRA Consideration for Activities Related to Conoravirus: The federal banking agencies announced last week that they would give favorable CRA consideration for retail banking, retail lending and community development activities related to the pandemic.
Members in the Community
Finally, a chance for us to shine a spotlight on the many contributions our members are making in their community:
First Financial Northwest Bank Highlighting 30 Nonprofits in 30 Days
WaFd Bank Supports All in Seattle
Olympia Federal Announces $10,000 Donation to Thurston County COVID-19 Response Fund
JPMorgan Chase Makes $500 Million Philanthropic Investment to Address COVID-19
KeyBank Announces Borrower Assistance
Wells Fargo Announces Aid for Customers and Communities Impacted by COVID-19
WaFd Bank Small Business Line of Credit
First Interstate Bank Donates to Junior Achievement Oregon & SW Washington
In closing, don’t forget to take care of yourself as you take care of others. This is going to be a marathon and it is important to put our phones down and go for a walk and reach out to comfort family and friends (with the appropriate social distancing of course!)
Be safe, wash your hands and, as always, if we can be of any assistance, please do not hesitate to reach out.