Latest Banking and credit regulation News

Pandemic ruling: State not obligated to compensate business

Jun. 07, 2021 15:44 PM EDT

SANTA FE, N.M. (AP) — The state Supreme Court ruled Monday that there is no constitutional or statutory requirement to compensate businesses for financial losses due to emergency public health orders during the COVID-19 pandemic. The ruling in favor of Gov. Michelle...

Louisiana lawmakers trying to reach tax deal for roadwork

Jun. 06, 2021 19:18 PM EDT

BATON ROUGE, La. (AP) — Louisiana senators advanced several transportation financing proposals in a rare Sunday debate session, as lawmakers negotiated behind the scenes on ways to steer more tax money to roads and bridges before the legislative session wraps up this week. ...

Senate panel adds virus loan tax exemption to budget

May. 26, 2021 16:44 PM EDT

CONCORD, N.H. (AP) — The Senate Finance Committee on Wednesday added language to the state budget to ensure that federal Payroll Protection Program loans during the coronavirus pandemic aren’t subject to the state’s business profits tax. The full Senate already...

NC Senate tax cut plan includes virus aid for businesses

May. 25, 2021 15:56 PM EDT

RALEIGH, N.C. (AP) — A broad tax cut proposal from North Carolina Senate Republicans that began its advance in the chamber on Tuesday also contains federal COVID-19 relief money to give more aid to businesses that previously received federal or state pandemic assistance. ...

Saved by online lenders, businesses say they'll borrow again

May. 25, 2021 12:28 PM EDT

NEW YORK (AP) — Some small businesses forced to turn to online lenders for pandemic relief are making those niche players a bigger part of their financial game plan, and are even considering dumping their traditional banks altogether. Loans from online lenders saved...

Louisiana could make first levee debt payment without loan

May. 21, 2021 13:36 PM EDT

BATON ROUGE, La. (AP) — Rather than borrowing, Louisiana could make its first $400 million payment in cash to the federal government for upgrades made to the New Orleans region's flood protection system after Hurricane Katrina, if lawmakers agree to the spending. The...

Biden directs US to mitigate financial risk from climate

May. 20, 2021 19:01 PM EDT

WASHINGTON (AP) — President Joe Biden is directing federal agencies to develop a comprehensive strategy to identify and manage financial risks to government and the private sector posed by climate change. An executive order Biden issued Thursday calls for concrete steps...

How to ease out of mortgage forbearance, avoid foreclosure

May. 19, 2021 08:54 AM EDT

American homeowners were given more opportunity to hit pause on their mortgage payments because of the financial ravages of the pandemic, but that relief is slowly coming to an end. About 3 million people are behind on their mortgage, the most at any time since the Great...

Biden reverses Trump changes to bank antidiscrimination law

May. 18, 2021 17:22 PM EDT

NEW YORK (AP) — The Biden administration said Tuesday it will repeal changes made by the Trump administration to a law aimed at stopping banks from discriminating against racial minorities and the poor. The Office of the Comptroller of the Currency, one of the nation's...

Illinois regulators answer queries on predatory lending law

May. 13, 2021 12:25 PM EDT

SPRINGFIELD, Ill. (AP) — Illinois state regulators have released answers to frequently asked questions about payday-type loans after new restrictions took effect this spring. The information from the Department of Financial and Professional Regulation is aimed at...