Browsing: Compliance and Risk

Compliance and Risk

To help facilitate the timely, efficient and secure disbursement of the Treasury Department’s economic impact payments, the Consumer Financial Protection Bureau issued an interpretive rule—which takes effect upon publication in the Federal Register—stating that, if certain conditions are met, certain government pandemic relief payments are not considered “government benefits” for the purposes of the Electronic Funds Transfer Act and Regulation E.

Compliance and Risk

Temporary adjustments to “know your customer” and anti-money laundering requirements are “key” to speeding up the rate at which banks are able to provide much-needed relief to small businesses through the SBA’s Paycheck Protection Program, American Bankers Association President and CEO Rob Nichols said in a letter to Sens. Tim Kaine (D-Va.), Chris Coons (D-Del.) and Angus King (Ind.-Maine) today.

Commercial Lending

Newly added FAQs from the Small Business Administration and the Treasury Department address two challenges with the Paycheck Protection Program that the American Bankers Association and the state bankers associations have been urgently raising with officials: the promissory note to use with PPP loans and the expectation for a five-day period between loan approval and funding.

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