Following clarification from the Small Business Administration and Treasury Department that bank directors and shareholders may receive Paycheck Protection Program loans from their related banks, the Federal Reserve on Friday said that it would provide a temporary exemption from Regulation O for these loans.
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…and other answers to your compliance questions in the March/April 2020 ABA Regulatory Policy and Compliance Inbox.
Noting the growing risk of “sudden and disruptive unwinding” of lending relationships, the federal banking agencies today issued no-action relief under Regulation O for banks lending to investment fund-controlled companies under specific conditions.
…and more insights from ABA’s Compliance Center Inbox in the next issue of the ABA Banking Journal.