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.
Federal Reserve Governor Michelle Bowman said in a speech today that regulators need to revisit the regulatory framework for nonbank mortgage lenders.
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.
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 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.
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.
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.
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.
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.
Regulators are exploring additional ways to provide temporary relief to banks that may be approaching regulatory asset thresholds that could trigger additional compliance requirements as a result of participation in COVID-19 relief programs like the Paycheck Protection Program.