ABA said yesterday that it supports the Treasury Department’s efforts to update the Community Development Financial Institutions certification process, noting that “we agree that CDFI certification should not be used to subsidize entities whose products, services, or policies do not align with the CDFI Fund’s mission to expand economic opportunity for underserved people and communities.”
A federal judge today ordered the Small Business Administration to release the names, addresses and precise loan amounts for all Paycheck Protection Program loan recipients and all COVID-19-related Economic Injury Disaster Loan recipients.
As part of its review of Paycheck Protection Program loans totaling $2 million or more, the Small Business Administration will begin sending loan necessity questionnaires that will inform SBA’s evaluation of borrowers’ good-faith certification of their economic need.
The U.S. financial agencies do not plan to recommend a credit-sensitive element to the Secured Overnight Financing Rate or a credit-sensitive rate, agency heads said in a letter to a group of regional banks yesterday.
The ABA Foundation’s 2020 George Bailey Distinguished Service Award co-winners put the spotlight on the industry’s financial inclusion efforts.
ABA Chairman Jim Edwards takes office at an unexpectedly difficult moment—and with a uniquely suited portfolio of skills.
Outgoing ABA Chair Laurie Stewart praised the work bankers have done in the last six months distributing Paycheck Protection Program loans as the coronavirus spread.
The Basel, Switzerland-based Financial Stability Board on Friday released a “global transition road map” to help financial firms navigate potential shifts away from the London Interbank Offered Rate, which is not guaranteed to be available after 2021.
The Small Business Administration tonight released a much-anticipated, streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less.
The Small Business Administration today issued a notice explaining required procedures when an entity that has received a Paycheck Protection Program loan experiences a change in ownership.