ABA, State Bankers Associations Urges FDIC, OCC to Further Refine Proposed CRA Overhaul
The OCC and FDIC have taken a “significant step” toward modernizing the Community Reinvestment Act regulations with their recent proposal...
Newsbytes
FOMC Members: Coronavirus Pandemic ‘Not Directly Comparable’ with 2008 Financial Crisis
The near-term U.S. economic outlook “deteriorated sharply” and became “profoundly uncertain,” prompting the Federal Open Market Committee to drop interest...
Latest SBA Guidance Clarifies PPP Funding Period, Use of Promissory Notes
Newly added FAQs from the Small Business Administration and the Treasury Department address two challenges with the Paycheck Protection Program...
ARRC Recommends Five-Year Lookback for Cash Product Spread Adjustment Methodology
The Alternative Reference Rates Committee today recommended a spread adjustment methodology for cash products referencing the London Interbank Offered Rate.
Industry Groups Call for CDFI Funding in Next Stimulus Package
Noting the pivotal role that community development financial institutions play in stabilizing local economies and creating jobs in low- and...
SBA Unveils New Lender Gateway to Facilitate PPP Loans
In response to the significant operational challenges banks have experienced this week accessing the SBA’s systems to make PPP loans,...
Agencies Update Guidance on COVID-19 Loan Modifications
The federal banking agencies today updated guidance on working with borrowers affected by the coronavirus pandemic.
Congress Moving to Allocate More Funds for PPP Loans
In response to surging demand from small businesses, congressional leaders hope to allocate up to $250 billion more for the...
IRS Offers Coronavirus Resources on Economic Impact Payments, Fraud
With the government soon to be releasing economic impact payments to individuals and families, the IRS has created several resources...
Fed Survey: Most Small Businesses Lack Cash Reserves to Cover Long-Term Revenue Loss
Seventeen percent of small businesses said that they would have to close down or sell if they experienced two-month loss...
