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The CARES Act and Credit Reporting: What Credit Unions Need to Know (Filene Blog Post)
Published Web Location
https://www.filene.org/blog/the-cares-act-and-credit-reporting-what-credit-unions-need-to-knowThe data associated with this publication are in the supplemental files.
Abstract
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted on March 27, 2020, to provide emergency relief to consumers and businesses suffering from the economic fallout of the COVID-19 pandemic. The CARES Act contains a section (Sec. 4021) specifically addressing the credit reporting consequences of the pandemic. Even with direct stimulus payments, increased unemployment benefits, and the Paycheck Protection Program, consumers are facing dire financial circumstances. The expiration of relief payments and enhanced unemployment protection on July 31 has only made their situation more precarious.