ICBA President and CEO Rebeca Romero Rainey urged community bankers to call their members of Congress and enlist the support of small-business contacts on behalf of PPP forgiveness legislation.
The FDIC told a group of House Republicans that it is exploring options to address the impact of Paycheck Protection Program loans on bank and bank holding company asset thresholds.
The IRS recently issued guidance clarifying that lenders should not file information returns or furnish payee statements to report the amount of qualifying forgiveness on PPP loans.
ICBA announced a collaboration with the Federal Reserve and Consumer Financial Protection Bureau to test certain community bank-inspired improvements to the TILA-RESPA Integrated Disclosure Rule.
The Federal Reserve relied on ICBA and community bank input in developing its recent advance notice of proposed rulemaking on modernizing Community Reinvestment Act regulations, Fed Governor Lael Brainard told ICBA community bankers.
Banks should expect examiners and the Financial Crimes Enforcement Network to ask about risk exposure related to virtual currencies, FinCEN Director Kenneth Blanco said.
ICBA is now calling on community bankers to enlist small-business customers in urging Congress to immediately pass legislation to simplify Paycheck Protection Program forgiveness.
Community banks were essential to the success of the Paycheck Protection Program by serving the smallest businesses outside the focus of larger banks, Federal Reserve Governor Michelle "Miki" Bowman said.
