United States Of America
Background. The US confirmed the first case of COVID-19 in January. Following a widening outbreak in March and April, the number of new cases declined after a range of containment measures were put in place. Infections rose again in early summer as economic activity and traveling resumed, but gradually declined over the summer following stricter prevention measures. However, new cases picked up again in September and continued on an upward trend until early January. Since mid-January, new cases began declining and Covid-19 vaccinations sped up. The U.S. economy contracted by 31.4 percent in the second quarter of 2020, but have rebounded strongly since then. The unemployment rate stayed at 5.8 percent in May 2021.
Reopening of the economy. The containment measures in place vary by state and geographical area. As of early June, many states had lifted or eased mask mandates and eased restrictions on business and activities following the progress in the vaccination program. Nevertheless, some states still require mask wearing in indoor environment . Schools have reopened with options for in-person instruction, virtual learning or a hybrid model.
Key Policy Responses as of June 3, 2021
Fiscal
Monetary and macro-financial
Exchange rate and balance of payments
Primary Dealer Credit Facility And Money Market Mutual Fund Liquidity Facility
On March 17, 2020, the Fed relaunched a Great Recession-era program: the Primary Dealer Credit Facility , which has given loans to primary dealers backed by a wide variety of securities as collateral. There was no set limit to the amount of credit issued.
To add more liquidity to money markets, the Fed opened the Money Market Mutual Fund Liquidity Facility on March 23, 2020. This program lent money to financial institutions so that they could buy money market mutual funds. Like the PDCF, it did not have a specific lending limit.
The Treasury Department gave the MMLF $10 billion of debt credit protection for the program. On May 5, 2020, the central bank said that participation in the MMLF wouldnât affect the liquidity coverage ratio of participating banks.
This program was similar to the Asset-Backed Commercial Paper Money Market Fund program launched in 2008 after the collapse of Lehman Brothers caused a major money market fund to fail. The AMLF ended on Feb. 1, 2010.
Both the PDCF and the MMLF expired on March 31, 2021.
What Is The Coronavirus Stimulus Package
The CARES Act was signed into law at the end of March. The Act contains several provisions that provide help for small businesses, individuals, big businesses, and more. Altogether, the economic stimulus package provides some $2 trillion in aid from the federal government.
Many of the programs described in the CARES Act are beginning to go into effect. Our guide will break down the provisions that matter the most to businesses like yours.
- : More parts of the CARES Act
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Ready To Improve Your Credit With An Auto Loan
To build credit, creating a good, long-standing payment history is a great way to go about it. Payment history is the single most important aspect of your credit score. Without anything positive or active on your credit reports, you run the risk of being considered a bad credit or no credit borrower making it tough to qualify for new credit when you need it.
At CarsDirect, we understand how tough it can be to find lenders that can assist with credit challenges. Thats why weve created a network of dealerships that are signed up with subprime lenders, and weve been matching consumers all over the country to dealers for the last 20 years. Get on the road to an auto loan today by filling out our free car loan request form. Well look for a dealership in your local area with no obligation.
The Kingdom Of The Netherlandscuraao
Background. Following the first COVID-19 case in March 2020, Prime Minister Rhuggenaath declared the state of health emergency and announced travel restrictions, quickly followed by a border closure. As the number of cases increased, the government introduced a curfew followed by a full lockdown in late March 2020. These measures helped to contain the spread of COVID-19 during the first half of 2020, although the economic activity came to a halt. Following a gradual phasing out of the domestic restrictions, the number of COVID-19 infections increased sharply between late August and mid-December 2020, necessitating tightening of restrictions including a curfew, capping gatherings in various establishments at 50 percent of capacity and banning of alcohol in bars and restaurants. On December 11, the government has declared a state of emergency for 90 days. These measures reduced the number of active COVID-19 cases substantially by end-January. Nevertheless, in March-April 2021, Curaçao faced another wave of new COVID-19 cases, partly due to the rapid spread of the more contagious British variant, which raised COVID-19 fatalities to 126. The new COVID-19 cases subsided by late April due to the measures and the vaccination program.
Key Policy Responses as of July 1, 2021
Fiscal
Monetary and macro-financial
Exchange rate and balance of payments
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Important Legal Disclosures And Information
PNC does not charge a fee for Mobile Banking. However, third party message and data rates may apply. These include fees your wireless carrier may charge you for data usage and text messaging services. Check with your wireless carrier for details regarding your specific wireless plan and any data usage or text messaging charges that may apply. Also, a supported mobile device is needed to use the Mobile Banking App. Mobile Deposit is a feature of PNC Mobile Banking. Use of the Mobile Deposit feature requires a supported camera-equipped device and you must download a PNC mobile banking app. Eligible PNC Bank account and PNC Bank Online Banking required. Certain other restrictions apply. See the mobile banking terms and conditions in the PNC Online Banking Service Agreement.
Online bill pay is a free service within PNC Online Banking that is available for residents within the US who have a qualifying checking account. We reserve the right to decline or revoke access to this service. Payments to billers outside of the United States or its territories are prohibited through this service. Tax payments, payments to settle securities transactions, and court ordered payments may be scheduled through the Service however, such payments are discouraged and must be scheduled at your own risk.
PNC limits the number of transfers that may be made from a savings or money market account. Please see your account agreement for more information.
Extended Unemployment Benefits$300 A Week Until September
The package will extend a $300-per-week federal unemployment supplement through Sept. 6. The first $10,200 of unemployment benefits received in 2020 will be tax-free for individuals with adjusted gross incomes below $150,000. If you qualify for the tax-free benefit and you already filed taxes for 2020, you will likely need to file an amended return.
In addition, the bill will extend pandemic unemployment assistance for self-employed people and gig workers, and extend the length of time people can claim unemployment benefits. People who have exhausted their state unemployment benefits will get an extension through Sept. 6.
Calculator: How Much Unemployment Could You Receive In Your State?
The amount and length of additional unemployment support has been a key point of debate for this round of stimulus legislation. The extension of benefits signed by former President Donald Trump in late December were set to expire in March. Legislators strategized that another stimulus in March would be essential to minimize a looming gap in benefits for people who are out of work due to the pandemics effect on the economy.
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New Jersey: $500 Rebate Checks
In fall 2021, the New Jersey state legislature approved a budget measure to send one-time rebate checks of up to $500 to nearly a million families.
New Jersey also sent payments to those who file taxes using a taxpayer identification number instead of a Social Security number. The Excluded New Jerseyans Fund applied to nonresident and resident aliens, their spouses and dependents.
The fund has stopped accepting new applications.
Having Trouble Making A Payment Talk To Your Lender
In hard times, a number of people tend to overlook their car payments in favor of more critical purchases. This is understandable, but it could harm your credit in the long run. Don’t be afraid to call your lender. Others are in the same predicament, and lenders may be able to offer reduced payments or give you an extension. This communication is important to show that you are committed to paying the loan and keeping the account in good standing.
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Did Members Who Had Overdrawn Accounts Have Full Access To Their Stimulus Or Child Tax Credit Funds
Provided their accounts met conditions for eligibility, members with an overdrawn balance were issued a temporary credit to bring their negative balance up to $0.00. Eligible members received the temporary credit within 1 business day of receiving their government stimulus payment or Child Tax Credit funds, giving them access to the full amount of their deposits.
Members remain responsible for their previous negative account balance. Beginning on Feb. 15, 2022, the temporary credit will begin to be reversed. Members who have an outstanding negative balance will receive a notification by email or by letter before the reversal takes place.
Once My Loan Is Approved How Do I Receive My Check
You can receive your check via the following options:
- mailed to the address you provided
- picked up in a branch
Visit our Branches and ATMs page for more information on branch closures or reduced hours.
For auto loan approvals, if the co-applicants address is different from the primary applicants address, the loan check and promissory note are sent to the co-applicant first.
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Georgia: $250 Rebate Payments
Thanks to a historic state budget surplus, Georgia residents who filed both their 2020 and 2021 tax returns were eligible to receive rebate payments based on their tax filing status:
- Single filers: Maximum $250
- Head of household: Maximum $375
If you owed income tax or other payments to the state, such as delinquent child support payments, you may have received a smaller rebate. Partial-year residents may also have received a smaller rebate.
Eligible recipients who filed their 2021 taxes by April 18 should have received their refund in August.
Georgia taxpayers can learn more via the Georgia Department of Revenue.
Quantitative Easing And Repo Operations
On March 12, 2020, the Fed also expanded its repurchase agreementsâwhere the Fed buys assets and sells them back at a later dateâby $1.5 trillion, then added another $500 billion four days later to ensure enough liquidity in the money markets. Repo operations effectively allowed the Fed to loan money to banks.
One of the simplest asset-purchasing programs has been the QE program. The Fed directly buys assets like U.S. Treasuries and mortgage-backed securities to slowly increase the supply of money and influence inflation. The Fed, which originally created the program during the Great Recession, restarted it on March 15, 2020. The scale of the program was open-ended, with the Fed saying it would buy âin the amounts needed to support the smooth functioning of markets.â
In late 2021, the Fed started to reduce asset purchases in a process called tapering. Federal Reserve Board Chair Jerome Powell announced on Dec. 15, 2021, that the Federal Open Market Committee decided to accelerate its tapering of net new purchases of bonds, in response to a strengthening economy and rising inflation. These purchases had totaled $120 billion per month.
On Dec. 16, 2020, the Fed announced that its QE policy would continue âuntil substantial further progress has been madeâ toward inflation and employment goals. The Fed expects this progress to take years, based on projections it also released that day.
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Branch & Atm Availability
The health and safety of our branch employees and customers continue to be a top priority during the coronavirus pandemic.
All branch lobbies are currently open. Simply view our branch & ATM locator for up-to-date information and hours. You can continue to bank through our drive-thru services, ATMs and in-branch, phone and virtual appointments.
Visiting your PNC branch
We look forward to serving your banking needs in our branch lobbies. Heres what you can expect:
Scheduling an appointment with a banker
If you would like to schedule an in-person or phone appointment with a banker, you can do so online or use our branch & ATM locator to call your local PNC branch.
PNC COVID-19 Protective Measures
Following guidance from the Centers for Disease Control and Prevention , we continually adjust our cleaning frequency and protocols to conform with the CDCs updated recommendations. Hand sanitizer is available for your use.
Many options for your banking needs
- Visit our branch & ATM locator to view specific details on locations near you.
- Learn more about what services we offer at our ATMs.
- Find out how we can help you to bank from home with online and mobile banking.
The Kingdom Of The Netherlandssint Maarten
Background. The authorities implemented a set of measures and travel restrictions to control the spread of COVID-19 on March 6, 2020, ahead of the first case on March 18. On March 22, the borders were closed for all passenger traffic. On March 30, a night curfew was implemented and the border between Sint Maarten and Saint Martin closed and jointly patrolled with the French government. As the number of cases grew, the authorities declared a State of Emergency and a full lockdown on April 5. A phased reopening of the local businesses started on May 10 and the border between Sint Maarten and Saint Martin was re-opened on September 18 after almost two months of closure to slow down the spread of the virus. The second wave of COVID-19 started in late July. It surpassed the first wave in the number of active cases but had lower mortality. The number of active cases dropped significantly by mid-March 2021.
Vaccination started on February 22, 2021. The vaccine is supplied by The Netherlands. The authorities developed a vaccination plan with an objective to vaccinate 70 percent of total population by the hurricane season. As of July 1, 2021, 21.4 thousand have received their first doses and 17.5 thousand were fully vaccinated.
Key Policy Responses as of July 1, 2021
Fiscal
Monetary and macro-financial
Exchange rate and balance of payments
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Auto Loan Debt Reaches A Record
Quick Answer
Consumers owed a total of $1.43 trillion on the vehicles they drive in the third quarter of 2021, an increase of $78 billion over the previous 12 months. The average auto loan balance exceeded $20,000 for the first time ever.
In this article:
Among the goods and services that got more expensive in 2021, perhaps the most astonishing price hike of all was for automobiles. The average price of vehicles increased more than any other major category in the consumer price index, except for energy.
A seemingly perfect storm of several factors resulted in price hikes for all types of vehiclesand, by extension, increased the cost to finance a vehicle. Contributing causes include:
- Pent-up demand: Consumers weren’t driving as much during 2020, then suddenly were back on the road in 2021.
- Increases in income: Stimulus checks and disruptions in the workforce changed consumption patterns for many.
- Supply chain shortages: Many consumers were chasing a constrained supply of new vehicles due to parts shortages and shipping delays in 2021. These shortages also put a squeeze on the used car inventory.
Unless you’re in the business of selling cars, the following analysis may not be the most cheerful reading. However, it will demonstrate how broad the demand for auto financing remains in the U.S., despite shifting routines in our everyday lives.
Feds Regulation Changes And Policy Updates
The Fed made regulation changes to further add liquidity to the markets. For instance, it made a number of technical changes to hold on to less capital so that banks could lend more. It also temporarily removed the asset restrictions placed on Wells Fargo after its fake-accounts scandal, so that Wells Fargo could lend more.
On March 19, 2021, the Fed announced that it was letting its policy of relaxing bank reserve requirements expire on March 31, 2021, as scheduled. The policy, originally announced on May 15, 2020, temporarily allowed banks to exclude Treasuries and deposits with Fed banks from their balance sheets for the purpose of calculating reserve requirements, allowing them to lend more.
On March 25, 2021, the Fed announced that the temporary restrictions on dividends and buybacks that it placed on banks in 2020 would end after June 30, 2021, for banks that met capital requirements during the 2021 stress tests. Restrictions were extended for banks that failed to meet capital requirements.
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Does A Late Payment Affect My Credit
If your payment is 30 or more days late, it may show up on your credit report as a late payment. The degree to which a late payment affects your credit score can depend on things like how many days past due the payment is, how recently you’ve been past due, and how frequently youve made late payments.
Review your credit report regularly to help you know where you stand. Request a free copy of your credit report from annualcreditreport.com or from each of the nationwide consumer reporting agencies: Equifax, Experian, TransUnion, and Innovis.
