To help ensure that Paycheck Protection Program funds reach all small businesses in need, the Small Business Administration and Treasury Department today announced that they will set aside $10 billion of the second round PPP funds to be used exclusively by community development financial institutions.
Trade Groups Call for Changes to FDIC Proposal to Enable Bank Participation in PPP, Money Market Facilities
A recent proposal by the FDIC to provide certainty to banks participating in the Paycheck Protection program and its associated lending facility falls short of completely offsetting the effect of such participation for any institution, ABA and the Bank Policy Institute said in a comment letter yesterday.
The Federal Reserve Bank of Boston today released several borrower and lender documents for the Fed’s Main Street Lending Program, which is expected to launch in the coming days.
To facilitate banks’ needs to hold meetings during the coronavirus pandemic, the OCC is issuing an interim final rule clarifying that national banks and federal thrifts may hold virtual board, shareholder and (as applicable) member meetings using remote communication tools.
The Alternative Reference Rates Committee today issued a set of best practices to help market participants complete preparations for the possible cessation of the U.S. dollar-denominated London Interbank Offered Rate after 2021, including recommended timelines.
A new study by the Consumer Financial Protection Bureau today found that just over half of retired Americans who retired between 1992 and 2014 were able to maintain their same level of spending for five years after retiring.
The IRS today issued a reminder to consumers still awaiting their CARES Act economic impact payment that they may be receiving the payment on a prepaid debit card.
A coalition of 31 financial institutions and trade associations—including the American Bankers Association and led by the Bank Policy Institute—today announced the creation of the Cyber Risk Institute.
As states begin to slowly reopen local economies and businesses begin to resume normal operations, ABA joined a broad coalition of advocacy groups and other organizations in a letter today urging lawmakers to enact “temporary and targeted liability relief legislation” to safeguard businesses, nonprofits and others from lawsuits as employees return to workplaces.
The OCC today released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.