Building Capacity of Lenders to the Underserved
With applications due in July, here’s what CDFIs and minority banks need to know about the Treasury Department’s new emergency capital investment program.
Browsing: Commercial Lending
New Survey Finds Banks Still Underprepared for Libor Transition
Seventy-seven percent of financial institutions still do not have a comprehensive plan in place to transition away from the London Interbank Offered Rate, which is scheduled to sunset on Dec. 31, 2021, according to a new survey released by financial services consulting firm Duff & Phelps.
SBA: PPP Funds Exhausted for All But CDFIs, MDIs
The Small Business Administration today informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal will on Tuesday stop accepting applications for loans from most lenders.
Banks See Rising Demand for Jumbo Mortgages as Broader Credit Market Stabilizes
Rising home prices in many U.S. markets appear to have pushed up demand for—and banks’ offering of—jumbo mortgage loans, according to the Federal Reserve’s senior loan officer survey released today.
Podcast: Here Comes the Post-COVID Business Recovery
On the latest episode of the ABA Banking Journal Podcast, the head of commercial banking at regional bank Citizens discusses how the support provided to businesses combined with pent-up consumer demand has business poised to roar back.
ARRC Offers Principles for Forward-Looking SOFR; CME Announces Term SOFR Reference Rates
The Alternative Reference Rates Committee this week issued a set of principles that will guide its efforts to recommend a forward-looking Secured Overnight Financing Rate term rate.
SBA Updates Guidance on Deadlines for PPP Extension
The Small Business Administration last night issued a procedural notice addressing Paycheck Protection Program-related deadlines in the wake of the PPP Extension Act.
ABA Past Chair: ‘We’ve Seen Great Results’ from PPP Loans
American Bankers Association Past Chair Laurie Stewart today said that her bank—Sound Community Bank in Seattle, of which she is CEO—has seen “great results” from Paycheck Protection Program loans made to small business customers over the last year.
Biden to Seek Additional Funding for FinCEN’s Beneficial Ownership Database
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.
SBA Issues Notice Extending PPP; Clarifies Eligibility for Borrowers in Bankruptcy
The Small Business Administration last night issued a procedural notice to lenders regarding the extension of the Paycheck Protection Program.