President Biden is seeking a $191 million in funding for the Financial Crimes Enforcement Network—a $64 million increase from FY 2021—according to the FY 2022 budget released by the White House today.
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The Small Business Administration last night issued a procedural notice to lenders regarding the extension of the Paycheck Protection Program.
New York Gov. Andrew Cuomo yesterday signed a bill developed by the Alternative Reference Rates Committee that will facilitate the transition away from the London Interbank Offered Rate.
U.S. dollar Libor will officially come to an end starting this year. With just months to go in the transition effort, banks face a variety of challenges.
When the coronavirus pandemic began, Craft Bank was just about to begin its capital raise as a de novo community bank in Atlanta. With its roadshow about to begin, CEO Ross Mynatt and his small team threw out the playbook and began pivoting.
Small businesses owned by older entrepreneurs—those over the age of 45—have been particularly affected by the COVID-19 pandemic, compared to those owned by younger entrepreneurs, according to a new survey from the Federal Reserve Bank of New York and AARP published today.
With the publication of all tenors of London Interbank Offered Rate set to cease after June 30, 2023, the Alternative Reference Rates Committee today outlined a model for using the Secured Overnight Financing Rate—the ARRC’s preferred Libor alternative—in asset-backed securities products, including non-collateralized loan obligation asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities products.
The Senate today voted 92 to 7 to pass a bill extending the Paycheck Protection Program.
As part of its ongoing effort to support the transition away from the London Interbank Offered Rate, the Alternative Reference Rates Committee today supplemented its recommended hardwired fallback language for syndicated and bilateral business loans that reference U.S. dollar Libor.
The Alternative Reference Rates Committee today said it “will not be in a position” to recommend a forward-looking term rate using the Secured Overnight Financing Rate by mid-2021.