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Latest Headlines

House Passes ABA-Backed SAFE Banking Act (4/20/2021) 
The House passed the SAFE Banking Act of 2021.
AmBA Urges Bankers: Oppose NCUA CUSO Proposal (4/20/2021) 
AmBA is calling on bankers to write to the NCUA to oppose a proposed rule that would expand the range of permissible lending activity for credit union service organizations.
CFPB Rescinds Several Temporary Pandemic Flexibilities (4/1/2021) 
The CFPB rescinded seven policy statements that provided temporary flexibilities for financial institutions when serving customers during the COVID-19 pandemic.
IRS Extends Contribution Due Dates for IRAs and HSAs to May 17 (3/30/2021) 
The IRS extended due dates for contributions to individual retirement arrangements, health savings accounts and other similar savings accounts to May 17.
ARRC Outlines Approach for Using SOFR in New Issuances of Securitized Products (3/30/2021) 
The ARRC outlined a model for using the Secured Overnight Financing Rate—the ARRC’s preferred Libor alternative—in asset-backed securities products.
SBA Outlines Process for PPP Lenders to Clear Hold Codes, Error Messages (3/30/2021) 
The SBA issued a second procedural notice with new instructions for lenders to clear error codes and move applications forward.
SBA Issues Interim Final Rule Implementing PPP Changes (3/19/2021) 
The SBA issued an interim final rule implementing changes to the PPP that were included in the American Rescue Plan law enacted earlier this month.
FDIC Urges Participation in Diversity Policies Self-Assessment (3/16/2021) 
The FDIC is urging participation in voluntary diversity policies self-assessment.
Consumers Report High Satisfaction With Banks, Industry Response to COVID-19 (3/16/2021) 
One year into the COVID-19 pandemic, the vast majority of Americans say they are happy with their bank.
SBA Now Accepting Second-Draw PPP Applications from 2021 First-Draw Borrowers (3/16/2021) 
The SBA is now accepting second-draw PPP loan applications from borrowers who previously submitted first-draw loan applications in calendar year 2021.
Treasury’s Emergency Capital Investments to Count as Bank Capital (3/10/2021) 
Agencies announced an interim final rule allowing Treasury investments made under the Emergency Capital Investment program qualify as regulatory capital.
ABA, Groups Urge Congress to Shield EIPs from Garnishment (3/9/2021) 
AmBA joined a coalition of financial and consumer groups urging lawmakers to shield the new round of EIPs from assignment and garnishment.
Agencies Update FAQs on Coronavirus, CRA Activities (3/9/2021) 
The banking agencies yesterday updated a list of frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
SBA Adjusts PPP Payroll Calculation For Form 1040, Schedule C Filers (3/4/2021) 
The SBA issued an interim final rule implementing recent changes to the Paycheck Protection Program.
Biden Administration Announces Measures to Target PPP Loans to Smallest Firms (2/23/2021) 
The White House announced several measures to ensure the smallest firms have access to Paycheck Protection Program loans.