The Small Business Administration and Treasury Department tonight updated the Paycheck Protection Program FAQs to address the deferral period extension granted by the PPP Flexibility Act of 2020.
ABA, Arizona Bankers Association Release New Ad Highlighting Rep. Stanton’s Support for PPP, Small Biz
ABA and the Arizona Bankers Association today released a new voter education ad thanking Rep. Greg Stanton (D-Ariz.) for supporting the Paycheck Protection Program during the coronavirus pandemic.
As policymakers consider reforms to the three-decade-old brokered deposit rules, they should “think about what the appropriate guardrails are to mitigate the challenges that the brokered deposit law was put into place to address,” and how best to apply those guardrails to a modern banking system, said Mary Fowler, CEO of Peoples Bank in an American Banker op-ed today.
The Federal Reserve, the FDIC and the OCC have finalized two rules intended to help banks respond to the challenges of the coronavirus pandemic.
ABA and the Arkansas Bankers Association today released a new voter education ad thanking Rep. French Hill (R-Ark.) for supporting the Paycheck Protection Program during the coronavirus pandemic.
The Small Business Administration today issued a notice explaining required procedures when an entity that has received a Paycheck Protection Program loan experiences a change in ownership.
The Federal Reserve yesterday issued a frequently asked questions (FAQs) on its revised framework for determining control of a company by another company under the Bank Holding Company Act and the Home Owners’ Loan Act, which also took effect yesterday.
ABA joined a broad coalition of advocacy organizations representing a range of industries in a letter to the Departments of Justice, Commerce and State and the Office of the Director of National Intelligence yesterday requesting that they convey to European regulators that “U.S. companies cannot be expected to explain U.S. government surveillance practices as they defend their use of [standard contractual clauses] for commercial [data transfers].”
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.