NewsWatch Today

The Cybersecurity and Infrastructure Security Agency today is hosting a follow-up call on the supply chain attack on the SolarWinds Orion Platform and subsequent customer breaches.

The National Credit Union Administration board approved an ICBA-opposed final rule that will allow the largest and most complex credit unions to issue subordinated debt to institutional investors.

Federal regulators announced the annual adjustment to Community Reinvestment Act thresholds. Effective Jan. 1, the “small bank” or “small savings association” designation applies to institutions that as of Dec. 31 of either of the prior two calendar years had assets of less than $1.322 billion.

The supply chain attack on the SolarWinds Orion Platform and subsequent customer breaches is affecting every corner of the economy, including community banking, ICBA President and CEO Rebeca Romero Rainey wrote.

The FDIC issued a new study that found community banks serve a critical role in providing access to credit in several key areas of the U.S. economy, particularly commercial real estate, small businesses, and agriculture.

The National Credit Union Administration board is scheduled to meet at 10 a.m. (Eastern time) today to vote on an ICBA-opposed final rule allowing credit unions to issue subordinated debt as an alternative form of capital.

The supply chain attack on the SolarWinds Orion Platform, and the subsequent breaches to its customers, is a significant cybersecurity event that is affecting every corner of the public and private sectors, including community banking.

The FDIC proposed a rule to amend the agency’s Suspicious Activity Report regulation. The proposal would permit the FDIC to issue additional, case-by-case exemptions from SAR filing requirements to FDIC-supervised institutions.

Draft proposed legislation released by a bipartisan group of lawmakers includes ICBA-advocated stimulus priorities.

ICBA President and CEO Rebeca Romero Rainey called on community bankers to make a final push for Congress to pass an economic relief package with key stimulus priorities.

The Consumer Financial Protection Bureau's outline of proposals for implementing small-business data collection and reporting rules is too broad and should be narrowed, ICBA said.

ICBA and 44 state community banking associations called on Congress to fully forgive Economic Injury Disaster Loan Advances for recipients who also have a Paycheck Protection Program loan.