SBA Updates Rules, Forms for PPP Loan Forgiveness
The Small Business Administration tonight released revised loan forgiveness forms for the Paycheck Protection Program.
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Fed Finalizes Conforming Changes to Capital Plan Rule
The Federal Reserve today finalized a rule making changes to its capital planning requirements that…
FDIC to Resume Resolution Planning for $100B+ Asset Banks
The FDIC formally announced that it will resume requiring resolution plans from covered insured depository institutions, lifting a moratorium in place since November 2018 while the FDIC revamped the process.
IRS Publishes Information Reporting Guidance on SBA, Other Subsidies
he Internal Revenue Service today issued guidance addressing various tax information reporting issues that arose as a result of taxpayer subsidies included in the CARES Act and the more recent COVID-19 relief bill.
CDIAC Urges Fed to Proceed with Caution on Non-Traditional Bank Access to Payments System
Members of the Federal Reserve’s Community Depository Institution Advisory Council urged the Fed to “be cautious in its approach to allowing non-traditional banks direct access to the payment system” during a recent meeting, flagging recent attempts by several non-bank entities to obtain state or national banking charters that would allow them to circumvent FDIC supervision and Community Reinvestment Act requirements.
Agencies Issue Final Rules Clarifying Role of Supervisory Guidance
The FDIC, OCC, Consumer Financial Protection Bureau and the National Credit Union Administration today each issued final rules codifying that regulatory guidance does not have the force and effect of law, granting much of a joint petition filed by the American Bankers Association and the Bank Policy Institute that sought a formal rulemaking to ensure that banking organizations would not need to rely on a 2018 interagency statement to clarify the role of guidance.
FHFA Issues RFI on Managing Climate, Natural Disaster Risk
The Federal Housing Finance Agency today issued a request for input seeking feedback on how climate change and natural disasters could pose risks to the housing finance system, Fannie Mae and Freddie Mac and the Federal Home Loan Banks.
CFPB Finalizes Exemption from Escrow Requirements for HPMLs
The Consumer Financial Protection Bureau today finalized a rule exempting certain higher-priced mortgage loans from a requirement under Regulation Z to establish escrow accounts for those loans, as required by the S. 2155 regulatory reform law.
CUSIP Identifier Re-Accredited as U.S. Standard for Securities Identification
The American National Standards Institute has renewed its accreditation of the CUSIP identifier as the U.S. standard for unique securities identifiers, CUSIP Global Services announced today.
BAFT Announces Participants in 2021 Future Leaders Program
BAFT, the American Bankers Association’s global transaction banking subsidiary, today congratulated graduates of its Future Leaders program, which recognizes upcoming leaders in the transaction banking industry.