NewsWatch Today

The approaching Paycheck Protection Program expiration date should not leave small businesses or nonprofits stranded, ICBA community banker Alice P. Frazier told the House Small Business Committee

The Financial Crimes Enforcement Network issued a notice on Anti-Money Laundering Act of 2020 requirements related to antiquities and arts.

The Consumer Financial Protection Bureau issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes discrimination related to sexual orientation and gender identity.

Available on banklocally.org and featuring representatives from Tioga State Bank, Bank of Idaho, and M&F Bank, new videos from ICBA feature discussions on the role of community banks in local economies with a focus on their PPP leadership.

Federal bank regulators issued an interim final rule that supports the Treasury Department’s Emergency Capital Investment Program, which will provide $9 billion in capital to Community Development Financial Institutions and Minority Depository Institutions.

ICBA released a summary of the $1.9 trillion American Rescue Plan Act (H.R. 1319), which Congress is expected to pass this week.

ICBA said it agrees with the Federal Housing Finance Agency's approach to proposed liquidity requirements for Fannie Mae and Freddie Mac.

Federal regulators issued new frequently asked questions to help financial institutions and examiners determine Community Reinvestment Act consideration related to the COVID-19 pandemic.

The Cybersecurity and Infrastructure Security Agency urged public and private sector partners to follow its emergency directive on the Microsoft Exchange widespread vulnerability affecting on-premises deployments.

ICBA and other financial groups called on policymakers to ensure the SBA clears the thousands of Paycheck Protection Program loan applications in process through the end of March.

The Federal Reserve expanded the definition of minority depository institutions to include women-owned financial institutions.

ICBA offers the following community bank takeaways on this week's SBA interim final rule, frequently asked questions, updated application forms, and webinar implementing Paycheck Protection Program changes for IRS Form 1040, Schedule C filers.