In a long-awaited move, the OCC today issued a proposal establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party.
With a bipartisan majority of 336 to 71, the House today voted to add ABA-advocated anti-money laundering provisions to the 2021 National Defense Authorization Act.
The American Bankers Association Securities Association last week joined six other industry groups in a letter to Senate leaders supporting a bipartisan bill that would permanently reinstate the federal tax-exemption for interest on advance refunding municipal bonds.
In a letter to House Financial Services Committee and Senate Banking Committee leaders today, the nonpartisan National Taxpayers Union expressed concerns about the credit union industry’s recent push to increase the member business lending cap.
ABA, the Bank Policy Institute and the Consumer Bankers Association today urged the Small Business Administration and the Treasury Department to create a one-page attestation form for Paycheck Protection Program borrowers with “de minimis” loan amounts to have their loans forgiven.
The Financial Stability Board will undertake a holistic review of the market volatility that followed the initial outbreak of COVID-19 earlier this year, according to a report released today.
Federal Reserve Governor Lael Brainard today warned of heightened uncertainty “as long as the pandemic hangs over the economy.”
In a procedural notice tonight, the Small Business Administration provided guidance on the monthly Form 1502 reports that lenders must file on unpaid or unforgiven Paycheck Protection Program loans.
The Departments of Treasury, Labor, and Health and Human Services on Friday issued a proposed rule to amend the requirements for grandfathered group health plans to preserve their grandfather status while offering new flexibility to make changes to their plan designs.