Advocacy News

IBA COVID-19 Updates 9-22-20 COVID-19 UPDATES Action Alert: Urge Congress to Pass a Standalone PPP Forgiveness Bill The IBA is joining with the American Bankers Association and Independent Community Bankers of America to urge members of Congress to pass a standalone Paycheck Protection Program forgiveness bill before they break for recess in approximately three weeks. Legislators still have time to take action on existing PPP forgiveness bills (S. 4117 and H.R. 7777), but negotiations have stalled while broader pandemic relief packages are being debated. Meanwhile, small businesses continue to struggle while...
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IBA E-News 9-18-20 FEDERAL GOVERNMENT RELATIONS   FHFA’s Calabria: GSEs Need a Way to Recover Costs for COVID-19 Relief Programs Fannie Mae and Freddie Mac may be facing insolvency if they are not able to recoup some of the costs associated with their COVID-19 mortgage relief programs, Federal Housing Finance Agency Director Mark Calabria told House lawmakers Wednesday. The GSEs are attempting to recover some of those costs through an “adverse market fee” of 50 basis points that would apply to certain refinance transactions. The fee was originally set to take effect in early September but was...
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IBA COVID-19 Updates 9-15-20 COVID-19 UPDATES HUD Issues Guidelines for Underwriting FHA Loans to Borrowers With Forbearances The Department of Housing and Urban Development last week issued underwriting guidelines for borrowers who have been previously granted forbearance due to COVID-19 or another presidentially declared disaster. Lenders may begin to implement the guidance immediately, and it must be applied to all loans with case numbers assigned on or after Nov. 9, 2020.   According to the guidelines, borrowers who remained current on their payments during their forbearance period are immediately...
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IBA E-News 9-11-20 FEDERAL GOVERNMENT RELATIONS Chairman White Pens CU Op-Ed The Sept. 4 edition of the Indianapolis Business Journal featured an op-ed by Lucas White, IBA chairman and president of The Fountain Trust Company, Covington. In his op-ed, “Another Taxpaying Bank Bought out by a Credit Union,” White reviews the alarming trend of credit unions purchasing banks and the serious tax revenue consequences. He notes: “When the Federal Credit Union Act of 1934 was enacted, surely the intent was not to create tax-exempt entities that would grow so profitable that they would swallow up taxpaying...
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