ABA President and CEO Rob Nichols today condemned the violent intrusions into the U.S. Capitol seeking to halt the certification of the 2020 Electoral College results.
In a letter to House Financial Services and Senate Banking Committee leaders today, ABA and 51 state bankers associations called on lawmakers to extend the troubled debt restructuring provisions in the CARES Act that allow banks to suspend generally accepted accounting principles for COVID-19 related loan modifications.
By a bipartisan vote of 335 to 78 tonight, the House passed the National Defense Authorization Act for fiscal year 2021, a bill that includes several critical improvements to anti-money laundering rules. Among other things, the bill directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information that banks may in turn rely on when complying with customer due diligence requirements.
A group of 35 Republican members of Congress sent a letter to congressional leadership on Friday calling for the extension of the troubled debt restructuring provisions in the CARES act that allow banks to suspend the requirements under generally accepted accounting principles for loan modifications related to COVID-19 that would otherwise be categorized as TDRs.