NewsWatch Today

The February issue of Independent Banker focuses on why Black-owned banks are crucial to lifting the economic fortunes of African Americans.

Insured depository institutions under $10 billion in assets have made more than half of 2021 first- and second-draw Paycheck Protection Program loans, according to SBA data.

ICBA called on federal regulators to expand their efforts to streamline community bank call reporting to recognize the impact of Paycheck Protection Program lending.

The SBA updated its frequently asked questions on the Paycheck Protection Program with guidance on the Financial Crimes Enforcement Network and BSA/AML compliance.

The Consumer Financial Protection Bureau issued its 2021 list of consumer reporting companies. The list includes the three nationwide consumer reporting companies as well as other companies.

The SBA issued several notices on its loan programs, including updated guidance on the tax implications of the six months of 7(a), 504, and Microloan payments it is making for borrowers under Section 1112 of the CARES Act.

The IRS on Friday reissued 1.2 million Economic Impact Payments through the ACH network with an effective date of this Wednesday, Feb. 3. Another 2.3 million reissued EIP2 checks are scheduled to be printed and mailed by Friday, Feb. 5.

The SBA issued a procedural notice and additional resources on resolving issues with first-draw Paycheck Protection Program loans to ensure borrower eligibility for second-draw loans, including codes to submit to the PPP loan platform.

The USDA announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Service Agency's Farm Storage Facility Loan and the Direct Farm Loan programs.

In addition to its guidance on PPP loan issues, the SBA also issued guidance on Economic Aid Act provisions affecting the agency's 7(a) and 504 loan programs.

The SBA said it is working to improve reviews of first-draw Paycheck Protection Program loans. The agency said anomalies—mostly data mismatches and eligibility concerns—were identified in approximately 4.7 percent of lender-submitted data.

Community banks with less than $100 million in assets are offering better overdraft pricing to consumers than "rival" credit unions, according to a Moebs Services report covered by CU Today.