NewsWatch Today

The SBA on Friday night issued two notices on its lending programs. Further PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.

Rakuten Bank America’s resubmitted deposit insurance application continues to pose risks of mixing banking and commerce due to Rakuten Inc.’s diverse and global commercial activities, ICBA told the FDIC.

ICBA and other groups asked the OCC to rescind an interpretive letter expanding eligibility to apply for a national trust charter as well as the conditional charter approvals for Anchorage Digital Bank and Protego Trust Bank.

The Federal Reserve Board again extended its rule allowing certain bank directors and shareholders to apply to their banks for Paycheck Protection Program loans for their small businesses.

The OCC said national banks over $2.5 billion in assets are not required to respond to a Community Reinvestment Act benchmarking survey, as advocated by ICBA.

Insured depository institutions under $10 billion in assets in 2021 have approved more than 608,000 Paycheck Protection Program loans worth $39.4 billion, according to the latest SBA data.

The SBA today will begin remitting reconciliation payments for Paycheck Protection Program loans with a forgiveness payment that was reduced by the amount of an Economic Injury Disaster Loan advance.

ICBA today is advancing its recommendations for the pandemic relief package before Congress. Developed with community bankers, the ICBA recommendations in today's letter to Congress include, among other things, expanding support for the PPP.

The Federal Trade Commission said it received more than 2.1 million fraud reports from consumers in 2020. Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019

ICBA called on the Consumer Financial Protection Bureau to ensure nonbanks that access customer financial information take the same care in protecting consumer privacy and data as community banks.

The Cybersecurity and Infrastructure Security Agency's series of teleconferences on COVID-19 and vaccine distribution continues this week.

Community banks were the most common source for Paycheck Protection Program loans among employer firms, and they were the source from which applicants were most successful in obtaining PPP funding, the Federal Reserve Banks said.