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 joined nine associations representing banks, credit unions and payment providers in restating their opposition to the Credit Card Competition Act, which would impose new network routing mandates on financial institutions that issue credit cards.
Banks and other industry stakeholders should support policies to help small-business owners better understand the risks of certain kinds of credit and drive those owners to products that better serve them, Federal Reserve Governor Michael Barr said.
The OCC released the fourth quarter 2024 mortgage metrics report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter.
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.
Federal Reserve Governor Michelle Bowman urged the Fed board to reconsider its approach to adverse comments in bank applications, pointing to a recent example of a branch approval that was delayed by months because of a single comment.
The CDFI Fund is a proven successful public-private partnership model for maximizing impact while minimizing government expense, two organizations representing bank and credit union state regulators said.
