NewsWatch Today

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.

ICBA is calling on community bankers to complete its State of Advocacy survey to help identify new and existing community banker relationships with members of Congress.

ICBA's next Community Bank Briefing with an update from Washington is set for 2 p.m. (Eastern time) this Thursday, Jan. 28.

The Government Accountability Office will be surveying a sample of Paycheck Protection Program lenders in the coming weeks to gather feedback about their experiences with the program.

The SBA on Saturday said it is working to ensure the Paycheck Protection Program appropriately accounts for the changes that businesses may have undergone since the beginning of the pandemic.

The Treasury Department announced plans to help the up to 8 million households that have not yet been able to access either round of Economic Impact Payments.

The Senate Finance Committee unanimously approved the nomination of Janet Yellen for Treasury secretary. The committee vote sends Yellen's nomination to the full Senate for a final confirmation vote, which is scheduled for tonight.

ICBA said it supports Nacha's plan to raise the individual same-day ACH transaction limit from $100,000 to $1 million in 2022. However, ICBA urged Nacha to assess the impact of such an increase before proceeding with its plan to remove dollar limits altogether in 2024.

The IRS this week issued guidance clarifying that SBA payments on existing 7(a) and 504 loans under Section 1122 of the CARES Act are no longer considered taxable income to the borrower.