NewsWatch Today

The Alternative Reference Rates Committee released a guide and webinar recording on recent announcements on the transition from U.S. dollar LIBOR.

ICBA-advocated legislative language to provide relief from "beneficial ownership" disclosure mandates is included in compromise spending legislation headed to a final congressional vote.

ICBA and more than 500 other groups called on Congress to pass a technical correction amending the CARES Act to explicitly provide that PPP loan-forgiveness funds that cover business expenses are tax deductible.

Rep. David Scott (D-Ga.) will be the next House Agriculture Committee chairman after winning the vote of the House Democratic Caucus.

Community bank net income increased 10 percent in the third quarter from the same time last year, according to the FDIC's Quarterly Banking Profile.

The FBI recently issued a Private Industry Notification warning that cyber criminals are taking advantage of the work-from-home environment to exploit web-based email applications.

The OCC said it is reducing rates in all fee schedules by 3 percent for the 2021 calendar year. The reduced assessments go into effect Jan. 1.

ICBA told the Consumer Financial Protection Bureau that "disparate impact" liability is not legally cognizable under the Equal Credit Opportunity Act.

ICBA congratulated Janet Yellen on her nomination to serve as the next Treasury secretary. In a statement, ICBA President and CEO Rebeca Romero Rainey said Yellen understands the vital role of community banks as a former Federal Reserve chair.

The Consumer Financial Protection Bureau issued its final policy on advisory opinions, which are designed to provide guidance to entities on outstanding regulatory uncertainty.

Federal regulators issued a joint statement encouraging banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable and no later than Dec. 31, 2021, to facilitate the transition away from LIBOR.

The SBA issued to lenders a letter and instructions on the agency's "loan necessity" questionnaire for Paycheck Protection Program loans of $2 million or more.