Lenders under $10 billion in assets have made some 2.52 million PPP loans worth more than $229 billion through both rounds of funding, according to SBA data through July 10.
ICBA told Nacha that it generally supports a provision in proposed operating rule updates that would employ ACH as a low-cost account-validation method for originators, though it is concerned with the burden on receiving institutions.
The Consumer Financial Protection Bureau released a report on how credit builder loans could help consumers establish credit records and improve the credit scores of those with no outstanding debt. CBLs generally require borrowers to make installment payments before receiving funds.
ICBA told the FDIC that commercial firms should not own full-service banks or industrial loan companies, even if they are subject to enhanced supervision and regulation.
The Consumer Financial Protection Bureau released a report documenting changes in how consumers have used debt settlement and credit counseling for unsecured debt.
The House Appropriations Committee approved fiscal 2021 agriculture and rural development legislation. The bill allows for a combined $153 billion in discretionary and mandatory funding, an increase of $331 million over fiscal 2020.
The Independent Community Bankers of America told the Federal Deposit Insurance Corp. that commercial firms should not own full-service banks or industrial loan companies, even if they are subject to enhanced supervision and regulation
Fintech company SoFi applied for a full-service national bank charter with the OCC after withdrawing its industrial loan company application nearly three years ago, according to reports.
ICBA continued pushing back against a National Credit Union Administration proposal that would allow the largest and most complex credit unions to issue subordinated debt as an alternative form of capital.
Nearly 140 other organizations joined ICBA in urging Congress to advance legislation that would forgive Paycheck Protection Program loans under $150,000.
Independent Banker, the award-winning magazine of the Independent Community Bankers of America and the number-one source for community banking news, announced its rankings of the top community bank loan producers for 2020 in the July issue.
ICBA this week released talking points and a sample letter to PPP borrowers about the SBA and Treasury Department release of information about individual Paycheck Protection Program loans.
ICBA urged the House Appropriations Subcommittee on Defense to ensure the fiscal 2021 defense spending bill does not include any expansion of the Farm Credit System.
The Consumer Financial Protection Bureau issued a final rule on small-dollar lending that rescinds the mandatory underwriting provisions of the 2017 rule but keeps its payments provisions.
The Consumer Financial Protection Bureau ratified most regulatory actions it took from Jan. 4, 2012, through June 30, 2020. The CFPB said the move provides the financial marketplace with certainty that the rules are valid following last week's Supreme Court ruling that the bureau's single-director governance structure is unconstitutional.
ICBA this week released talking points and a sample letter to PPP borrowers about the SBA and Treasury Department release of information about individual Paycheck Protection Program loans.
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.
