Latest Headlines

State Associations Flag Concerns Over ‘Burdensome’ PPP Forgiveness Application (5/29/2020) 
Bankers associations raised concerns that the forgiveness app for PPP loans may be burdensome.
 
SBA, Treasury Allocate $10B of Round Two PPP Funds for CDFIs (5/29/2020) 
$10 billion of PPP funds to be used by community development financial institutions to be set aside.
 
House Advances Bill Providing Flexibility for PPP Borrowers (5/29/2020) 
The House passed a bipartisan bill that would provide greater flexibility for PPP borrowers.
 
OCC Rule Clarifies Virtual Meeting Options for National Banks, Federal Thrifts (5/28/2020) 
The OCC issued a rule clarifying that national banks and federal thrifts may hold virtual meetings.
 
New Industry Coalition to Support Banks’ Cyber Risk, Compliance Efforts (5/28/2020) 
31 financial institutions and trade associations announced the creation of the Cyber Risk Institute.
 
ABA Joins Consumer, Banking Groups in Support for Bill to Stop Garnishment of EIPs (5/27/2020) 
AmBA is supporting a bill that would prevent CARES Act payments from being subject to garnishment.
 
Agencies Issue FAQs on Coronavirus, CRA Activities (5/27/2020) 
The agencies will consider COVID-19-affected areas under major disaster declarationsfor CRA purposes
 
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.
 
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.