The IRS cancelled outstanding Economic Impact Payment checks issued to recipients who may not be eligible for the stimulus payments, including those who might be deceased.
Following the SBA and Treasury Department release of information about individual Paycheck Protection Program loans, ICBA released talking points and a sample letter to PPP borrowers about the agency announcement.
ICBA thanked Sens. Angus King (I-Maine) and John Kennedy (R-La.) for introducing legislation to establish a free online calculator to complete Paycheck Protection Program loan-forgiveness forms.
The Consumer Financial Protection Bureau posted frequently asked questions about prioritized assessments, a new supervisory approach the bureau developed in response to the COVID-19 pandemic.
ICBA said community banks will continue working to meet the needs of their communities after Congress passed and President Trump signed a law extending the Paycheck Protection Program application deadline.
The Consumer Financial Protection Bureau issued a proposed rule to implement ICBA-supported relief from mandatory escrow requirements for higher-priced mortgage loans.
The Jones Financial Companies said it has applied with the FDIC and Utah Department of Financial Institutions to establish the Edward Jones Bank industrial loan company.
Independent Community Bankers of America President and CEO Rebeca Romero Rainey released a statement on congressional passage of legislation to extend the Paycheck Protection Program through Aug. 8.
The July issue of Independent Banker magazine focuses on why small businesses love their community banks—especially now. The cover story profiles four enterprising business owners whose community banks have guided them through thick and thin.
The House passed legislation to extend the Paycheck Protection Program application deadline until Aug. 8, sending it to President Donald Trump to be signed into law. The House vote came hours after the SBA stopped accepting PPP applications.
Senate Banking Committee member Kevin Cramer (R-N.D.) introduced ICBA-supported legislation that would forgive Paycheck Protection Program loans under $150,000.
Financial regulators issued a joint statement highlighting the risks of transitioning from LIBOR. The Federal Financial Institutions Examination Council encouraged institutions to continue the switch to alternative reference rates to mitigate financial, legal, operational, and consumer protection risks.
ICBA commended the FDIC for working to strengthen its supervisory processes for non-commercial parent companies of industrial loan companies, but it said the agency's proposal falls short of ensuring the safety and soundness of these companies.
The Independent Community Bankers of America appreciates this opportunity to provide feedback to the Federal Deposit Insurance Corporation’s request for comments in response to its Notice of Proposed Rulemaking on the supervision of the Parent Companies of Industrial Banks and Industrial Loan Companies.
