COVID-19 UPDATES FROM PROBANK AUSTIN
ProBank Education Live Seminar Events Now Online!
Due to growing concerns about the Coronavirus (COVID-19) pandemic and restrictions on gatherings of groups and travel, ProBank Austin is pleased to offer live stream remote seminars to ensure our clients continue to have access to the training they need. Remote seminar dates are available on our website at www.probank.com. Select Education Services, Compliance Seminars and type “Remote Session” in the Program Title search field.
New COVID-19 Focused Webinars Added
• Coronavirus: Pandemic Planning | March 30, 2020 | 2:00pm-3:30pm EDT [Provides a review of interagency guidance regarding what institutions should do to prepare for pandemics.]
• Helping Customers: Options During the COVID-19 Crisis | April 8, 2020 | 2:00pm-3:30pm EDT [Reviews the options available to financial institutions when trying to provide relief to customers (e.g., deferrals, refinances versus modifications).]
Recap of Recent Regulatory Issuances in Response to COVID-19
ProBank Austin has compiled the following recap of recent regulatory issuances in response to the impact of COVID-19 on the economy, financial institutions and their customers. As you will note, the guidance becomes increasingly more proactive as things got worse over the last two weeks. We encourage you to also check with your state banking associations on advice and ongoing updates.
Considering loan modifications and/or extensions to help your customers struggling due to the Coronavirus-19?
Many clients have asked whether they can offer skip-a-payment programs for their consumers with consumer mortgage loans by simply executing a modification to extend the term and noting the month(s) to be skipped. The simple answer is YES!
World Health Organization (WHO)
According to the World Health Organization, COVID-19 is a pneumonia of unknown cause detected in Wuhan, China that was first reported to the WHO Country Office in China on 31 December 2019. The outbreak was declared a Public Health Emergency of International Concern on 30 January 2020. The international community has asked for US$675 million to help protect states with weaker health systems as part of its Strategic Preparedness and Response Plan.