The Small Business Administration today published Form 3506, which banks must submit in order to receive delegated authority to issue 7(a) loans under the Paycheck Protection Program.
In a significant development for the industry, the Financial Action Task Force recently upgraded its assessment of the United States’ anti-money laundering and counter-terrorism compliance framework.
In a letter to U.S. Small Business Administration Administrator Jovita Carranza yesterday, a group of House lawmakers urged SBA to ensure that farmers and agricultural businesses will be able to take advantage of the emergency economic injury grant program created by the new CARES Act coronavirus relief law.
The Small Business Administration today issued an interim final rule that provides additional implementation guidelines and requirements for its Paycheck Protection Program to aid small businesses hit hard by the COVID-19 crisis.
In a comment letter to the federal banking agencies today, the American Bankers Association supported a proposal to amend the “covered funds” and “Super 23A” regulatory provisions of the Volcker Rule.
The Treasury Department today issued much-anticipated guidance for the Paycheck Protection Program, which starting this week will provide up to $350 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic.
The Federal Reserve announced a six-month delay for the implementation of its revised framework for determining control of a company by another company under the Bank Holding Company Act and the Home Owners’ Loan Act.
To help ease strains in the global U.S. dollar funding market, the Federal Reserve today established a temporary repurchase agreement facility for foreign and international monetary authorities.
As banks seek to contact customers with COVID-19-related information, the American Bankers Association and six other financial trade groups filed a petition requesting that the Federal Communications Commission issue an expedited declaratory ruling or waiver confirming that financial institutions’ COVID-19-related calls are exempt from the Telephone Consumer Protection Act’s requirements.
Littler Mendelson, a law firm specializing in employment issues, on Sunday wrote to the Department of Labor to convey feedback from ABA and other industry trade groups on how DOL should implement the Families First Coronavirus Response Act, which was signed into law in mid-March.