ICBA urged Congress to immediately pass stand-alone legislation to simplify Paycheck Protection Program loan forgiveness to preserve the success of the program.
The Federal Housing Finance Agency said Fannie Mae and Freddie Mac will extend from Sept. 30 to Oct. 31 the deadline on buying qualified loans in forbearance.
The IRS issued guidance clarifying that lenders should not file information returns or furnish payee statements to report the amount of qualifying forgiveness on Paycheck Protection Program loans.
The complexity and lack of guidance surrounding Paycheck Protection Program loan forgiveness could limit the effectiveness of future rounds of the program, the GAO reported.
The Treasury Department and IRS lack updated information on how many eligible Economic Impact Payment recipients have yet to receive their funds, the GAO said.
ICBA said it supports an FDIC standard-setting organization and voluntary certification program that would ease the process of vetting and partnering with fintechs and other third parties.
The FDIC is exploring options to address the impact of Paycheck Protection Program loans on regulatory asset thresholds, FDIC Chairman Jelena McWilliams told ICBA.
The Federal Reserve Board updated its frequently asked questions on the Main Street Lending Program to clarify expectations regarding lender underwriting.
