Despite the pandemic, financial institutions should not expect a delay in the Dec. 31, 2021, date when publication of the London Interbank Offered Rate can no longer be relied upon, Federal Reserve Bank of New York General Counsel Michael Held said at an investor conference today.
Even when applicants are eligible for the Federal Reserve’s Main Street Lending Program, participating banks made just a tiny fraction of loans through the program, according to Fed survey research released today.
The federal banking agencies today finalized two rules intended to provide relief for financial institutions as a result of actions taken to aid in the coronavirus response.
The American Bankers Association expressed its opposition today to two bills that would change the bankruptcy code, writing in a memo to the House Judiciary Committee that the “bills would increase the cost of borrowing and reduce the availability of credit.”
ABA and the Nebraska Bankers Association today released a new voter education ad thanking Rep. Don Bacon (R-Neb.) for supporting the Paycheck Protection Program during the coronavirus pandemic.
The American Bankers Association today said it has “serious concerns” about the OCC’s intention to issue a payments charter that would allow non-depository institutions to access the payments system.
While not going so far as to designate the GSEs as systemically important financial institutions, the Financial Stability Oversight Council today unanimously endorsed the Federal Housing Finance Agency’s plan to rebuild Fannie Mae’s and Freddie Mac’s capital levels.
A group of House Republicans this week called on the regulatory agencies to exclude SBA Paycheck Protection Program loans from asset-based regulatory thresholds, deposit insurance premiums and other regulatory requirements.
Testifying before the Senate Banking Committee today, Treasury Secretary Steven Mnuchin said he would reach out to the Small Business Administration “this afternoon” about how they could further streamline the forgiveness process for Paycheck Protection program loans, though he signaled that additional legislation may be needed.
The American Bankers Association today outlined possible features of a public-private partnership that could certify third-party technology providers.