Browsing: Congress

ABA Banking Journal

Though the goals for passing of the reintroduced Enhancing Credit Opportunities in Rural America Act of 2021, commonly known as ECORA, haven’t changed much over the last few years, this Congress may have a better shot at leveling the playing field between farm banks and Farm Credit System lenders, ultimately giving struggling farmers and ranchers greater access to affordable credit options. ABA SVP Ed Elfmann details the importance of ECORA’s passage.

Commercial Lending

By a vote of 415 to 13 last night, the House passed an American Bankers Association-supported bill that would extend the Small Business Administration’s Paycheck Protection Program application deadline from March 31 to May 31.

Newsbytes

As Congress today passed the $1.9 trillion COVID-19 relief bill—which includes an additional round of economic impact payments for eligible taxpayers—ABA joined a coalition of financial and consumer advocacy groups urging Treasury Secretary Janet Yellen to support standalone legislation to ensure that these payments are shielded from assignment and garnishment.

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