Latest Headlines

CFPB Issues No-Action Letter Templates to Encourage Innovative Offerings (5/26/2020) 
The CFPB issued two no-action letter templates to help institutions make their own NAL applications.
 
SBA Issues Rules on PPP Loan Forgiveness, Lender Responsibilities (5/26/2020) 
The SBA released interim final rules describing the loan forgiveness process.
 
USDA to Guarantee $1 Billion in Loans for Rural Businesses, Ag Producers (5/22/2020) 
The USDA announced it will make available up to $1 billion in loan guarantees for ag producers.
 
SBA Releases Long-Awaited Guidance on Form 1502 for PPP Processing Fees (5/22/2020) 
The SBA issued guidance to Paycheck Protection Program lenders on filing Form 1502.
 
NEW: SBA Releases Long-Awaited Guidance on Form 1502 for PPP Processing Fees (5/21/2020) 
The SBA has just issued guidance to Paycheck Protection Program lenders on filing Form 1502.
 
SBA: Lender Review May Be Required for Certain PPP Loans (5/15/2020) 
The SBA yesterday notified PPP lenders that certain loans in their PPP portfolios may require review.
 
Fed Survey: Amid Pandemic, Americans Remain Able to Cover Emergency Expenses (5/15/2020) 
One in five adults employed in February had been furloughed or laid off by April.
 
CFPB to Offer Flexibility for Creditors Resolving Billing Errors During Pandemic (5/14/2020) 
The CFPB said it would provide flexibility for creditors to resolve billing errors during the coronavirus pandemic.
 
SBA Announces Safe Harbor for PPP Borrowers with Loans for Less than $2M (5/14/2020) 
The SBA issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million.
 
Powell: More Fiscal Support May Be Needed to Address Economic Tail of Coronavirus (5/14/2020) 
Policymakers “ought to do what we can” to avoid a prolonged period of recession as a result of the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said.
 
FinCEN: Fraud Schemes Pegged to Remote Environments, Pandemic News (5/14/2020) 
FINCEN Director Kenneth Blanco yesterday outlined several coronavirus-related trends FinCEN is seeing in cyber crime.
 
NEW SBA Announces Safe Harbor for PPP Borrowers with Loans for Less than $2MM (5/13/2020) 
The SBA today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million.
 
FDIC Proposes Rule to Facilitate Bank Participation in PPP, Money Market Facilities (5/13/2020) 
The FDIC proposed a rule to ensure that institutions would not be subject to increased deposit insurance assessments as a result of their participation.
 
Fed to Disclose Names, Loan Information for PPPLF Participating Institutions (5/13/2020) 
The Federal Reserve said it will identify, on a monthly basis, certain information about participants in the PPP Liquidity Facility and the Term Asset-Backed Securities Loan Facility.
 
Regulators Float Potential Legislative, Regulatory Changes to Aid in Crisis Response (5/13/2020) 
During the hearing, the heads of the financial regulatory agencies also discussed potential legislative changes that would enable them to provide additional support to banks to address the coronavirus crisis.