Business conditions were most often called the single biggest challenge facing community banks, according to an annual survey released yesterday by the Conference of State Bank Supervisors.
Commercial real estate has faced substantial headwinds from stay-at-home orders and changing consumer behavior, and in many cases CRE has not received the same level of support available to consumers and small businesses.
Despite the pandemic, financial institutions should not expect a delay in the Dec. 31, 2021, date when publication of the London Interbank Offered Rate can no longer be relied upon, Federal Reserve Bank of New York General Counsel Michael Held said at an investor conference today.
Even when applicants are eligible for the Federal Reserve’s Main Street Lending Program, participating banks made just a tiny fraction of loans through the program, according to Fed survey research released today.
With the pandemic lingering like a houseguest who refuses to go home, it’s reassuring to know that we can meet a full range of customers’ needs with the help of online and digital technologies.
A group of House Republicans this week called on the regulatory agencies to exclude SBA Paycheck Protection Program loans from asset-based regulatory thresholds, deposit insurance premiums and other regulatory requirements.
A conversation with Wendy Cai-Lee of de novo Piermont Bank on the unique needs of multigenerational family firms.
Testifying before the Senate Banking Committee today, Treasury Secretary Steven Mnuchin said he would reach out to the Small Business Administration “this afternoon” about how they could further streamline the forgiveness process for Paycheck Protection program loans, though he signaled that additional legislation may be needed.
The IRS has issued new guidance directing lenders not to file information returns or furnish statements to borrowers to report the amount of qualifying loan forgiveness for covered loans made under the Paycheck Protection Program.
Applications for Paycheck Protection Program loan forgiveness are more time-consuming than actually applying for the loan itself and require more lender review, according to a report Monday from the Government Accountability Office.