Advocacy News

IBA COVID-19 Updates 8-25-20 COVID-19 UPDATES SBA Rule Addresses PPP Forgiveness Questions for Biz Owners, Non-Payroll Costs The Small Business Administration yesterday issued an interim final rule addressing certain technical issues of Paycheck Protection Program loan forgiveness related to business owners and certain non-payroll costs. SBA revised the PPP’s owner-employee compensation rule addressing the amount eligible for forgiveness to exempt employees who own less than 5% of a C-corp or S-corp borrower, determining that owner-employees at this threshold cannot meaningfully influence decisions about the use of...
MORE

 
IBA E-News 8-21-20 STATE GOVERNMENT RELATIONS DFI Releases Revised Q&A on Changes in SEA 395 The Indiana Department of Financial Institutions has released a revised Q&A regarding the law changes resulting from SEA 395. Specifically, Q10 was revised to clarify that finance charges may be imposed on the nonrefundable prepaid finance charge (NRPFC) for both loans under chapter 3 and credit sales under chapter 2 subject to certain conditions. The revisions were made to clarify that the Department’s position applied to both chapter 3 loans (in the original question), as well as chapter 2 credit...
MORE

 
IBA COVID-19 Updates 8-18-20 COVID-19 UPDATES Florida Court Dismisses Case Seeking Agent Fees for “Agents” of PPP Loans In a decision handed down yesterday, the U.S. District Court for the Northern District of Florida dismissed a court case seeking to establish whether or not “agents” are entitled to agent fees for PPP loans. Four banks were named as defendants in the case. The court determined that agents were not entitled to fees and dismissed the case. Read the case Action Alert: Ask Congress to Request FHFA and GSEs to Rescind Refinance Fee Last week, Fannie Mae and Freddie Mac announced that they...
MORE

 
IBA E-News 8-14-20 FEDERAL GOVERNMENT RELATIONS New GSE Fee on Refinances Criticized, Groups Call for Withdrawal On Wednesday night, Fannie Mae and Freddie Mac announced that they will impose an “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages with delivery dates on or after Sept. 1, 2020 (for Fannie Mae loans), or with settlement dates on or after Sept. 1 (for Freddie Mac loans). This fee – which would amount to an additional $1,400 for the typical consumer, based on the average GSE loan size – would either be paid upfront or be added to the mortgage...
MORE

 

Pages