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.
Rising corporate debt, vulnerabilities in short-term wholesale funding markets and commercial real estate were among several risks flagged by the Financial Stability Oversight Council in its annual report released today. The reported noted that “risks to U.S. financial stability remain elevated compared to last year,” and that “the global outlook for economic recovery is uncertain, depending on the severity and the duration of the ongoing pandemic.”
With COVID-19 continuing to have a widespread effect on the economy, banks could see steep losses in the years ahead—but that shouldn’t stop them from “reimagining the future and making bold bets,” according to a new report released by Deloitte today.
ABA and the Georgia Bankers Association today released a new voter education ad thanking Sen. David Perdue (R-Ga.) for supporting the CARES Act and the Paycheck Protection Program during the coronavirus pandemic.
In a Senate Banking Committee hearing on the coronavirus response today, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin emphasized the importance of additional fiscal support as the economy continues to feel the effects of the COVID-19 pandemic.
The Federal Reserve today announced that it would extend several lending facilities that were set…
A federal judge denied a request from the Small Business Administration today to postpone the release of borrower information for the Paycheck Protection Program and Economic Injury Disaster Loans.
In a comment letter to the FDIC today, ABA welcomed a recent interim final rule granting temporary relief for certain banks from auditing, internal control and audit committee requirements that would have resulted from the rapid inflow of assets and deposits from the coronavirus pandemic.
The federal banking agencies today issued an interim final rule to ease the regulatory burden of community banks that have experienced sudden asset growth as a result of participation in COVID-19 relief programs like the Paycheck Protection Program.
ABA and more than 100 trade groups urged congress to address the “overburdensome” Paycheck Protection Program forgiveness process before the end of the year.