As governors and municipal officials make decisions on reopening local economies in the wake of the coronavirus pandemic, Acting Comptroller of the Currency Brian Brooks warned them about the long-term risks of so-called lockdown orders on the financial system.
A group of House Republicans—led by Reps. Andy Barr (R-Ky.) and French Hill (R-Ark.)—wrote to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza yesterday urging them to simplify the process Paycheck Protection Program borrowers must go through to have their loans forgiven.
Acting Comptroller of the Currency Brian Brooks will focus on promoting “responsible innovation” in the banking sector and continuing OCC modernization, he said in a statement upon taking office from former Comptroller Joseph Otting.
The OCC issued a long-awaited final rule today affirming that permissible interest on a loan made by a national bank or federal thrift remains valid when the loan is transferred or sold, codifying the “valid when made” principle for nationally chartered banks.
As expected, the House today passed a bipartisan bill that would provide greater flexibility for Paycheck Protection Program borrowers.
Fifty-one state bankers associations today raised concerns that the forgiveness application for Paycheck Protection Program loans may be overly burdensome for the nation’s small businesses.
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.
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.
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 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.