NewsWatch Today

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.

The House Appropriations Agriculture Subcommittee adopted fiscal 2021 agriculture and rural development legislation.

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.

ICBA's Paul Merski discussed the benefits of community banks to small businesses and local communities in a new podcast interview.

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.

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.