With the Paycheck Protection Program portal reopening for all lenders on Tuesday—and already open for lenders with assets under $1 billion—the Small Business Administration today released guidance on calculating the maximum loan amounts for first-draw PPP loans and what documentation is required for different types of businesses.
The Internal Revenue Service announced today that it will delay the start of tax filing season until Feb. 12.
As part of the ongoing effort to remove Fannie Mae and Freddie Mac from government conservatorship, FHFA and the Treasury Department last night announced that it would allow the GSEs to retain earnings until they meet the capital requirements established in the 2020 GSE capital rule.
The OCC today finalized a controversial proposal 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.
On the latest episode of the ABA Banking Journal Podcast, ABA Government Relations Council Chair Jim Rieniets outlines policy areas where ABA will focus in 2021.
The Small Business Administration will open the Paycheck Protection Program portal on Friday to lenders with $1 billion or less in assets to begin processing both new and second draw loan applications.
In an American banker op-ed today, ABA President and CEO Rob Nichols and National Community Reinvestment Coalition CEO Jesse Van Tol expressed opposition to moves by the OCC to grant banking charters to fintech firms that would allow them access to the banking system while circumventing many of the rules and regulations that banks are required to adhere to, such as the Community Reinvestment Act regulations.
In response to a request from the Municipal Securities Rulemaking Board seeking industry input on its strategic goals, the American Bankers Association yesterday submitted a letter providing several recommendations.
The Internal Revenue Service today announced that—in a reversal of previous guidance—it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.
The Small Business Administration announced today that the Paycheck Protection Program will officially reopen on Monday, Jan. 11, only to community development financial institutions, minority-depository institutions, certified development corporations and microloan intermediaries making first-draw PPP loans.