Advocacy News

IBA E-News 5-22-20 COVID-19 UPDATES / GOVERNMENT RELATIONS 2020 IBA Annual Washington Trip Transitions to Virtual Format The in-person 2020 IBA Annual Washington trip scheduled for July 26-28 has been canceled due to the COVID-19 pandemic. However, the need for high-level advocacy continues. We are pleased to announce that we will transition to a virtual format for the 2020 IBA Annual Washington Visit. The IBA will be organizing virtual meetings with regulators and legislators to be held throughout the summer. We will notify members of the meeting details as soon as they become available, and...
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IBA COVID-19 Updates 5-19-20 COVID-19 UPDATES SBA Releases Borrower Application, Instructions for PPP Loan Forgiveness The Small Business Administration and Treasury Department last week released the application that borrowers must complete in order to have their Paycheck Protection Program loans forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. SBA announced several measures intended to reduce compliance burden and simplify the forgiveness process for borrowers, including a safe harbor from loan forgiveness reduction...
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IBA E-News 5-15-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA: Lender Review May Be Required for Certain PPP Loans The Small Business Administration yesterday notified Paycheck Protection Program lenders that certain loans in their PPP portfolios may require review. Those loans – which have been marked by SBA as being in "research" status – must be reviewed for accuracy and completeness. A lender should verify the borrower’s name, EIN or Social Security number for these loans and make any necessary changes by today at 5 p.m. EDT. SBA provided instructions for lenders on how to access the...
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IBA COVID-19 Updates 5-12-20 COVID-19 UPDATES Quarles Praises Industry Performance During Pandemic in Senate Testimony The financial industry entered the coronavirus pandemic in a position of strength and has continued to support lending to businesses and households throughout the crisis, Federal Reserve Vice Chairman for Supervision Randal Quarles will tell members of the Senate Banking Committee today. In prepared testimony released ahead of this morning's virtual oversight hearing, Quarles noted that the reforms made after the 2008 financial crisis helped to ensure that "banking organizations are well-positioned...
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