ICE Proposes Plan for U.S. Dollar Libor Cessation
Intercontinental Exchange, which administers the London Interbank Offered Rate, today proposed a plan to cease publishing U.S. dollar Libor after the end of 2021.
Browsing: Policy
SBA Outlines Procedures for PPP ‘Loan Necessity’ Questionnaires
The Small Business Administration on Wednesday outlined procedures for lenders in handling the loan necessity questionnaires that SBA is requesting for PPP loans totaling $2 million or more.
ABA Urges Withdrawal of Proposed Rule Lowering Reporting Threshold for Funds Transfers
ABA urged the Federal Reserve and the Financial Crimes Enforcement Network today to withdraw a proposed rule that would reduce the transaction threshold from $3,000 to $250 for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
FDIC Floats Changes to Deposit Insurance Rules to Accommodate CECL Transition
The FDIC on Friday proposed changes to the risk-based deposit insurance system that applies to banks with more than $10 billion in assets to address the temporary deposit insurance assessment effects resulting from CECL implementation.
OCC Proposes Rule to Ensure Fair Access to Banking Services
The OCC Friday afternoon proposed a rule stating that banks should provide access to services, capital and credit based on their risk assessment of individual customers and not make broad-based decisions that affect whole categories or classes of customers.
Powell: Fed to Return Unspent COVID-19 Relief Funds at Year-End
In a letter to Treasury Secretary Steven Mnuchin late Friday, Federal Reserve Chairman Jerome Powell said his agency would “work out arrangements . . . for returning the unused portions of the funds allocated to the CARES Act facilities in connection with their year-end termination.”
ABA, Trade Groups Urge OCC for Additional Time to Evaluate Novel Charter Applications
ABA and a coalition of financial trade associations urged the OCC today to provide more time for stakeholders and the public to evaluate novel charter applications by before the regulator considers applications.
Treasury Seeks to Wind Down Emergency Credit Facilities
With several emergency credit facilities created to respond to the COVID-19 emergency scheduled to wind down by year’s end, Treasury Secretary Steven Mnuchin today asked the Federal Reserve to return unused funds in several facilities to the Treasury.
PPP, EIDL Data Release Temporarily Delayed
A few days shy of a court-ordered Nov. 19 deadline for the Small Business Administration to release the names, addresses and precise loan amounts for all Paycheck Protection Program loan recipients and all COVID-19-related Economic Injury Disaster Loan recipients, the federal judge who issued the order temporarily stayed it.
Brooks: OCC Continuing Effort to Clarify Regulatory Treatment of Stablecoins
The OCC is continuing its efforts, working with other agencies, to facilitate banks’ ability to engage with digital currencies, Acting Comptroller Brian Brooks said during a press event this morning.