NewsWatch Today

Insured depository institutions under $10 billion in assets in 2021 have approved more than 608,000 Paycheck Protection Program loans worth $39.4 billion, according to the latest SBA data.

The SBA today will begin remitting reconciliation payments for Paycheck Protection Program loans with a forgiveness payment that was reduced by the amount of an Economic Injury Disaster Loan advance.

ICBA today is advancing its recommendations for the pandemic relief package before Congress. Developed with community bankers, the ICBA recommendations in today's letter to Congress include, among other things, expanding support for the PPP.

The Federal Trade Commission said it received more than 2.1 million fraud reports from consumers in 2020. Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019

ICBA called on the Consumer Financial Protection Bureau to ensure nonbanks that access customer financial information take the same care in protecting consumer privacy and data as community banks.

The Cybersecurity and Infrastructure Security Agency's series of teleconferences on COVID-19 and vaccine distribution continues this week.

Community banks were the most common source for Paycheck Protection Program loans among employer firms, and they were the source from which applicants were most successful in obtaining PPP funding, the Federal Reserve Banks said.

ICBA continues calling on community bankers to complete its State of Advocacy survey to help identify new and existing community banker relationships with members of Congress.

ICBA-supported legislation to prevent avoidable foreclosures, evictions, and utility shut-offs was introduced by Sen. Jack Reed (D-R.I.), Senate Banking Committee Chairman Sherrod Brown (D-Ohio), and Senate Appropriations Committee Chairman Patrick Leahy (D-Vt.).

The Federal Reserve moved up its planned industrywide launch of the FedNow instant payments service by up to a full year to 2023. The announcement narrows the industrywide delivery timeframe from 2023-2024.

Academy Award-winning actor Matthew McConaughey, magic teacher Vinh Giang, status quo questioner Jessica Matthews, social entrepreneur Michelle Poler, and peak performance teacher Dan Thurmon posted videos encouraging ICBA Connect participation.

The February issue of Independent Banker focuses on why Black-owned banks are crucial to lifting the economic fortunes of African Americans.