ABA, Trade Groups Push Congress to Address PPP Forgiveness Process
ABA and more than 100 trade groups urged congress to address the “overburdensome” Paycheck Protection Program forgiveness process before the end of the year.
Browsing: Pandemic
IRS Issues Guidance on Deductibility of Qualified PPP Expenses
The IRS yesterday issued a ruling that borrowers expecting Paycheck Protection Program loan forgiveness applications to be approved must disallow a deduction for qualified 2020 expenses in 2020 tax returns, even in situations where the forgiveness application has not been approved or filed by the end of the year.
Bowman: Nonbank Mortgage Regulatory Framework Needs Work
Federal Reserve Governor Michelle Bowman said in a speech today that regulators need to revisit the regulatory framework for nonbank mortgage lenders.
OFR Flags Macroeconomic, Credit Risk in Annual Report
The Office of Financial Research flagged macroeconomic risk and credit risk as top areas of concern as the nation continues to deal with the economic stresses caused by COVID-19.
Freddie Mac Survey Examines Spike in Forbearance During COVID-19
A new study from Freddie Mac shows that mortgage forbearance has played an important role in helping mortgage borrowers remain in their homes during COVID-19.
ABA, Trade Groups Call for Halt to PPP Loan Necessity Questionnaires
ABA today joined a broad coalition of groups from various industries in a letter to the Small Business Administration and Treasury Department raising concerns about the loan necessity questionnaires that SBA is using to evaluate borrowers’ good-faith certification of their economic need for Paycheck Protection Program loans.
ABA Survey: 51% of Agricultural Borrowers Profitable in 2020
Amid ongoing stresses in the ag sector and economic dislocation from the COVID-19 pandemic, lenders reported that just under 51% of their agricultural borrowers were profitable in 2020, a decline of six percentage points from the prior year, according to the latest agricultural lenders survey conducted by the American Bankers Association and Farmer Mac.
FSB Report Warns of Systemic Risks in Nonbank Financial Sector
The turmoil observed in global financial markets earlier this spring during the COVID-19 pandemic highlighted the need to “strengthen the resilience in the [nonbank financial intermediation] sector,” according to a new report from the Financial Stability Board today.
FSB: Bank Resilience Key in COVID-19 Response
Financial regulatory reforms implemented since the last crisis, including the Basel III framework, helped the global financial system absorb shocks related to the COVID-19 pandemic, according to a new report released by the Basel, Switzerland-based Financial Stability Board today.
Financial Institutions Increase Digitization in Wake of Pandemic
In the wake of the COVID-19 pandemic, 85% of financial institutions said they have increased digitization efforts, according to a new survey from BAFT, ABA’s global transaction banking subsidiary, and CGI, an independent IT and business consulting firm.