The Federal Reserve announced this morning that its Paycheck Protection Program Liquidity Facility is fully operational and available for institutions to use. Through the facility, the Fed will extend non-recourse loans to institutions eligible to make PPP loans. PPP loans guaranteed by the SBA that are originated by eligible banks may be pledged as collateral to the Federal Reserve Banks.
ABA, associations reaffirm support for federal preemption of Illinois interchange law
ABA joined other national associations and state bankers associations in submitting a trio of letters expressing their support for recent actions by the OCC to reaffirm federal preemption of state attempts to regulate interchange fees, as in Illinois.








