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ICBA today is repeating its call for a simplified Paycheck Protection Program forgiveness process in a statement for a House subcommittee hearing.

ICBA's push for policymakers to address the impact of Paycheck Protection Program loans on regulatory asset thresholds continued making headway.

The Federal Housing Finance Agency said Fannie Mae and Freddie Mac will extend from Sept. 30 to Oct. 31 the deadline on buying qualified loans in forbearance.

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 House passed ICBA-supported legislation that would modify regulatory processes to support Minority Depository Institutions.

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 asked the federal banking regulators to allow community banks to recognize Paycheck Protection Program fees as income in their call reports.

The FDIC launched the agency’s first-ever Academic Challenge, which will be focused on the effects of community banks on local economic development.