The Financial Stability Oversight Council largely endorsed the Federal Housing Finance Agency's proposal to raise capital requirements on Fannie Mae and Freddie Mac.
ICBA urged Congress to immediately pass stand-alone legislation to simplify Paycheck Protection Program loan forgiveness to preserve the success of the program.
ICBA today urged Congress to immediately pass stand-alone legislation to help millions of small businesses by simplifying Paycheck Protection Program loan forgiveness.
Sep 25, 2020
| Letters to Congress| Letters to Regulators| Testimony
A simplified forgiveness process is urgently needed to ensure the PPP does not become a quagmire of red tape for lenders and borrowers, distracting them from the hard work of restoring employment growth.
The Federal Housing Finance Agency said Fannie Mae and Freddie Mac will extend from Sept. 30 to Oct. 31 the deadline on buying qualified loans in forbearance.
The IRS issued guidance clarifying that lenders should not file information returns or furnish payee statements to report the amount of qualifying forgiveness on Paycheck Protection Program loans.
The complexity and lack of guidance surrounding Paycheck Protection Program loan forgiveness could limit the effectiveness of future rounds of the program, the GAO reported.
The Treasury Department and IRS lack updated information on how many eligible Economic Impact Payment recipients have yet to receive their funds, the GAO said.
ICBA said it supports an FDIC standard-setting organization and voluntary certification program that would ease the process of vetting and partnering with fintechs and other third parties.
ICBA welcomes the opportunity to respond to the FDIC's request for information hat seeks input on whether a standard-setting and voluntary-certification program could support community banks’ efforts in partnering with third parties.
ICBA President and CEO Rebeca Romero Rainey released a statement on today's Federal Reserve advance notice of proposed rulemaking on reforming Community Reinvestment Act regulations.
The FDIC is exploring options to address the impact of Paycheck Protection Program loans on regulatory asset thresholds, FDIC Chairman Jelena McWilliams told ICBA.
The Federal Reserve Board updated its frequently asked questions on the Main Street Lending Program to clarify expectations regarding lender underwriting.
