As Massachusetts adjusts to the economic hardships resulting from the COVID-19 pandemic, many are asking: What can we do? How can we help?
MCBC suggests starting here:
First, let’s navigate this difficult time and get through it together. Attend MCBC’s lending roundtables hosted via teleconference during the lunch hour. The Mass. Division of Banks, the City of Boston, Mass. Housing Partnership and MassHousing will join us in April. Future dates for the Mortgage Lending and Small Business Lending Roundtables are on our website. Email us for more information!
Basic Banking for Massachusetts
Next is Basic Banking for Massachusetts, a voluntary effort to provide low-cost checking and savings accounts to customers. Often called “lifeline” accounts, Basic Banking is needed now more than ever. Basic Banking is a qualified activity under the state Community Reinvestment Act (“CRA”) service test. MCBC, the Massachusetts Division of Banks, the Massachusetts Bankers Association and the Massachusetts Credit Union League encourage financial institutions to participate!
Stay Current & Connected
Lastly, read the COVID-19 Resource Roundup below to learn how community partners, financial institutions and governmental agencies are responding to COVID-19.
Start with the Joint Statement on CRA Consideration issued on March 19, 2020. (FIL-19-2020) by The Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency. The agencies will provide favorable Community Reinvestment Act (CRA) consideration for certain retail banking services, retail lending activities, and community development activities related to this national emergency.
Share updates with the MCBC community by tagging us on Twitter at @MassCBC and follow us on LinkedIn.
Most importantly, join MCBC in sharing solutions so that families and small business owners can maintain financial stability during these uncertain times. Membership in MCBC is encouraged to help sustain our efforts, but is not required to attend roundtables, participate in Basic Banking, or to stay current and connected. So please join us as we work together to understand, respond, and mitigate the impact this crisis is having on LMI businesses and communities across the Commonwealth.
News – COVID-19 Resource Roundup as of 3/30
Fannie, Freddie Announce Payment Deferral Option for Borrowers Exiting Forbearance
Fannie Mae Lender Letter (LL-2020-05) Single-Family Servicers Payment Deferral, click here.
Freddie Mac Bulletin 2020-4, Temporary Servicing Requirements Related to COVID-19, click here
The COVID-19 Response Fund has been established by a coalition of business, government and philanthropic partners to rapidly deploy flexible resources to organizations in Greater Boston that are working with communities that are disproportionately affected by the coronavirus outbreak.
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