Pennsylvania Story Archive

PA Financial Institution Associations Applaud Enactment of Banking Fund Legislation

June 30, 2021 – The Pennsylvania Bankers Association (PA Bankers), CrossState Credit Union Association (CrossState) and the Pennsylvania Association of Community Bankers (PACB) applaud Governor Tom Wolf for signing HB 859, introduced by Rep. Delozier (R-Cumberland) into law as Act 39 of 2021. This law – a joint effort between PA Bankers, CrossState, PACB and the PA Department of Banking and Securities (DoBS) – strengthens the state charter and provides for consistent safety and soundness of the banking industry.

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Five Ways To Improve Your Financial Capability

April 4, 2021— The Department of Banking and Securities (DoBS) is reminding Pennsylvanians of the importance of growing their personal financial capability.

“Financial capability empowers individuals to make confident decisions about their money,” said Secretary of Banking and Securities Richard Vague. “It is critical for people to build this skillset to help ensure they are making the soundest decisions when it comes to managing debt, investing, saving, and building towards their futures.”

Here are five ways to brush up on your financial capability skills:

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Act Before The Deadline For Some Mortgage Forbearance For Federally Backed Mortgages

December 16, 2020 — The end of each year tends to bring about a sense of completing various tasks before the New Year rings in, and this year is certainly no different.

For homeowners, it’s important to know that February 28, 2021 is the deadline to take advantage of forbearance options for some qualifying mortgages under the CARES Act. The CARES Act also prohibits negative credit score reporting for homeowners utilizing this pandemic forbearance option.

If you are a borrower with a federally backed mortgage, meaning your mortgage is guaranteed by a federal government agency like Fannie Mae, Freddie Mac, USDA, FHA/HUD, VA, or Ginnie Mae, you have a right to request and obtain a forbearance for up to 180 days if you are directly or indirectly affected by Covid-19. You also have the right to request and obtain an extension for up to another 180 days (for a total of up to 360 days).

Forbearance is not forgiveness and any missed payments will need to be paid back, but it could be a suitable option for those experiencing difficulty making their full monthly mortgage payment.

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