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.
ICBA continues urging Congress to "Wake Up" this week as credit union advocates meet with lawmakers during the National Association of Federally-Insured Credit Unions' Virtual Congressional Caucus.
ICBA is calling on community bankers to urge lawmakers to include common-sense policies benefiting local communities in the next economic stimulus package.
