The American Bankers Association today wrote to congressional leaders urging them to exempt Paycheck Protection Program forgiveness income from tax reporting.
With many COVID-19-related accommodations for loans nearing their initial expiration dates, the Federal Financial Institutions Examination Council today issued a joint statement outlining prudent risk management and consumer protection principles for financial institutions to consider while working with affected borrowers.
In an extensive comment letter to the OCC today, the American Bankers Association offered feedback on a recent advance notice of proposed rulemaking on several issues related to digital technology and innovation.
Along with a coalition of bank trade groups and consumer advocacy organizations, ABA today urged the House to pass S. 3841, which would protect 2020 economic impact payments made under the CARES Act or other legislation from court-ordered garnishment.
The American Bankers Association this week urged the Department of Labor to withdraw a proposal that would limit pension fiduciaries’ consideration of environmental, social and governance-related issues when selecting plan investments.
ABA joined a group of more than 480 trade groups representing a broad range of industries in a letter to Congress yesterday urging support for liability relief provisions included in S. 4317, the Safe to Work Act—the coronavirus bill released by Senate Republicans earlier this week.
The bill is expected to significantly reduce the paperwork burden for a vast majority of PPP borrowers.
The American Bankers Association and all 51 state bankers associations wrote to the Treasury Department and the Small Business Administration today urging formal guidance to address confusion regarding fees paid to agents who process PPP applications.
On-site bank examinations will happen, but regulators still do not know when.
Senior regulatory officials said they are considering ways to reduce burdens banks face when partnering with third-party service providers, including fintech firms.