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SBA Paycheck Protection Program (PPP) Interim Final Rule
April 3, 2020 / Source: U.S. Department of the Treasury
This interim final rule announces the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new product, titled the “Paycheck Protection Program,” to the U.S. Small Business Administration’s (SBA’s) 7(a) Loan Program. Section 1106 of the…
Paycheck Protection Program (PPP) Lender Application Form
April 3, 2020 / Source: U.S. Department of the Treasury
New SBA and Treasury Programs Available for Small Business Relief
April 2, 2020 / Source: FDIC
Financial Institution Letters FIL-33-2020 April 2, 2020 New SBA and Treasury Programs Available for Small Business Relief Printable Format: FIL-33-2020 – PDF (PDF Help) Summary: The FDIC is advising financial institutions of multiple forms of relief available in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to small businesses through programs administered by the Small…
Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period
April 2, 2020 / Source: FDIC
Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period Five federal financial regulatory agencies on Thursday announced that they will consider comments submitted before May 1, 2020, on their proposal to modify the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as…
Federal Reserve Board announces temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ab
April 2, 2020 / Source: FRB
Press Release April 01, 2020 Federal Reserve Board announces temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to provide credit to households and businesses For release at 4:45 p.m. EDT Share To ease strains in the Treasury market resulting…
CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic
April 1, 2020 / Source: CFPB
CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic APR 01, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments….
News Release 2020-46: OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations
April 1, 2020 / Source: OCC
News Release 2020-46 | April 1, 2020 OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of March 1, 2020 through March 31, 2020. The list contains only national…
Joint Statement on the Interaction of the CECL Revised Transition Interim Final Rule with Section 4014 of the Coronavirus Aid, Relief, and Economic Security Act
April 1, 2020 / Source: FDIC
Financial Institution Letters FIL-32-2020 March 31, 2020 Joint Statement on the Interaction of the CECL Revised Transition Interim Final Rule with Section 4014 of the Coronavirus Aid, Relief, and Economic Security Act Printable Format: FIL-32-2020 – PDF (PDF Help) Summary: This joint statement clarifies the interaction between the interim final rule that provides a five-year transition…
With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
March 31, 2020 / Source: U.S. Treasury
PRESS RELEASES With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds March 31, 2020 WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that…
Federal Reserve Board announces it will delay by six months the effective date for its revised control framework
March 31, 2020 / Source: FRB
Press Release March 31, 2020 Federal Reserve Board announces it will delay by six months the effective date for its revised control framework For release at 10:30 a.m. EDT Share The Federal Reserve Board on Tuesday announced that it will delay by six months the effective date for its revised control framework. The delay will…
Adjusting the Calculations for Credit Concentration
March 31, 2020 / Source: FDIC
Financial Institution Letters FIL-31-2020 March 30, 2020 Adjusting the Calculations for Credit Concentration Printable Format: FIL-31-2020 – PDF (PDF Help) Summary: The FDIC, Board of Governors of the Federal Reserve, and Office of the Comptroller of the Currency (the Agencies) are jointly adjusting their calculation for credit concentration ratios used in the supervisory process. The adjustment…
OCC Hosts Mutual Savings Association Advisory Committee Meeting April 21 Via Teleconference
March 30, 2020 / Source: OCC
News Release 2020-44 | March 30, 2020 OCC Hosts Mutual Savings Association Advisory Committee Meeting April 21 Via Teleconference WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 21, 2020, via teleconference. The teleconference is open to the…
OCC Reports Fourth Quarter 2019 Bank Trading Revenue
March 30, 2020 / Source: OCC
News Release 2020-45 | March 30, 2020 OCC Reports Fourth Quarter 2019 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $7.2 billion in the fourth quarter 2019, which was $4.0 million, or 0.1 percent, less than the previous quarter. In the…
Agencies Announce Two Actions to Support Lending to Households and Businesses
March 27, 2020 / Source: OCC
News Release 2020-42 | March 27, 2020 Agencies Announce Two Actions to Support Lending to Households and Businesses Joint Release Board of Governors of the Federal Reserve Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banking organizations to…
FDIC Makes Public February 2020 Enforcement Actions
March 27, 2020 / Source: FDIC
Press Releases FDIC Makes Public February Enforcement Actions; No Administrative Hearings Scheduled for April 2020 FOR IMMEDIATE RELEASE March 27, 2020 Media contact: David Barr Office: (202) 898-6992 Cell: (703) 622-4790 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February….
Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19
March 27, 2020 / Source: OCC
News Release 2020-41 | March 26, 2020 Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19 WASHINGTON—Comptroller of the Currency Joseph M. Otting made the following statement during today’s Financial Stability Oversight Council meeting regarding the condition of the federal banking system and its response to…
Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19
March 26, 2020 / Source: FRB
Joint Press Release March 26, 2020 Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19 Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency…
Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus
March 26, 2020 / Source: FRB
Press Release March 26, 2020 Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus For release at 1:00 p.m. EDT Share The Federal Reserve recognizes that small financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease…
CFPB Provides Flexibility During COVID-19 Pandemic
March 26, 2020 / Source: CFPB
CFPB Provides Flexibility During COVID-19 Pandemic MAR 26, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to…
FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
March 26, 2020 / Source: FinCEN
FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies. These changes may affect U.S. financial institutions’ obligations and…
Pandemic Planning: Essential Critical Infrastructure Workers in the Financial Services Sector
March 25, 2020 / Source: OCC
OCC Bulletin 2020-23| March 25, 2020 Pandemic Planning: Essential Critical Infrastructure Workers in the Financial Services Sector To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) recognizes the potential…
Interagency Webinar on the Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus
March 25, 2020 / Source: FDIC
Financial Institution Letters FIL-24-2020 March 25, 2020 Interagency Webinar on the Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus Printable Format: FIL-24-2020 – PDF (PDF Help) Summary: The FDIC, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union…
Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus
March 25, 2020 / Source: FRB
Press Release March 24, 2020 Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus For release at 5:30 p.m. EDT Share The Federal Reserve Board on Tuesday provided additional information to financial institutions on how its supervisory approach is adjusting in light of the…
Media Advisory: Consumer Financial Protection Bureau Resources for Consumers During COVID-19 Pandemic
March 24, 2020 / Source: CFPB
Media Advisory: Consumer Financial Protection Bureau Resources for Consumers During COVID-19 Pandemic MAR 24, 2020 The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. “During this difficult…
Request for 2019 Diversity Self-Assessments from FDIC-Regulated Financial Institutions
March 24, 2020 / Source: FDIC
Financial Institution Letters FIL-23-2020 March 23, 2020 Request for 2019 Diversity Self-Assessments from FDIC-Regulated Financial Institutions Printable Format: FIL-23-2020 – PDF (PDF Help) Summary: The FDIC's Office of Minority and Women Inclusion (OMWI) is requesting diversity self-assessments from FDIC-regulated financial institutions for 2019 in accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer…