NewsWatch Today

The Federal Reserve Board for the third time extended its rule allowing certain bank directors and shareholders to apply to their banks for Paycheck Protection Program loans for their small businesses.

ICBA's Mutual Council and America’s Mutual Banks urged the OCC to suspend the sale of Brainerd Savings and Loan Association assets to Wings Financial Credit Union until all freedom of information requests have been considered.

The Federal Reserve Board invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing).

The Alternative Reference Rates Committee last week published market indicators it will consider in recommending a forward-looking Secured Overnight Financing Rate term rate to support the transition away from LIBOR.

ICBA called on the Financial Crimes Enforcement Network to amend its customer due diligence rules and withdraw its requirement that banks collect beneficial ownership information.

ICBA and other groups told Congress they oppose legislative efforts to repeal the OCC’s “true lender” rule. The OCC rule, which ICBA supported in a comment letter last year, creates a standard to determine when a bank is the “true lender” when partnering with a third party.

ICBA and other groups this week called on the OCC to formally withdraw its Community Reinvestment Act rule or delay its January 2023 compliance date for at least two years.

The Federal Reserve Board proposed guidelines for evaluating requests for accounts with the Fed and access to the payments system, as advocated by ICBA.

The Treasury Department extended its program to invest in Minority Depository Institutions and Community Development Financial Institutions, as requested by ICBA.

The IRS said it is disbursing another 1.1 million Economic Impact Payments in the eighth batch under the American Rescue Plan.

The Paycheck Protection Program’s general fund was reportedly exhausted Tuesday ahead of the program’s May 31 authorization, though some PPP funds remain for certain loans and lenders.

The Consumer Financial Protection Bureau said more needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.