Advocacy News

IBA E-News 4-3-20 COVID-19 UPDATES / FEDERAL GOVERNMENT RELATIONS New Interim Final Rule Released for Paycheck Protection Program Last night the Small Business Administration issued an interim final rule that provides additional implementation guidelines and requirements for its Paycheck Protection Program to aid small businesses hit hard by the COVID-19 crisis. In the new guidance, SBA makes significant changes from its original plan, including raising the fixed interest rate on loans made under the program from 0.5% to 1% in response to feedback that the terms could prevent community banks from...
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IBA E-News 3-27-20 COVID-19 UPDATES / GOVERNMENT RELATIONS H.R. 748 Coronavirus Aid, Relief, and Economic Security Act Passes Senate Wednesday night the Senate passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act. While the bill has passed one major hurdle, it still must be voted on by the House of Representatives, which is expected to occur late this week. Below is a list of the main areas of impact.     1. Provides temporary relief from troubled debt restructurings beginning March 1, 2020, and extends for 60 days after the end of the COVID-19 national emergency, allowing...
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IBA E-News 3-20-20 FEDERAL GOVERNMENT RELATIONS FDIC Chief Urges CECL Delay FDIC Chairman Jelena McWilliams urged the Financial Accounting Standards Board to postpone implementation of the Current Expected Credit Losses accounting standards due to the coronavirus outbreak. McWilliams said the CECL accounting changes could strain the ability of some banks to serve their communities in a time of need.    Among other recommendations, McWilliams also called on FASB not to classify coronavirus-related loan modifications as troubled debt restructurings. She noted that the FDIC has encouraged banks...
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IBA E-News 3-13-20 STATE GOVERNMENT RELATIONS Indiana General Assembly Concludes 2020 Session The Indiana General Assembly concluded the 2020 session late Wednesday evening. Lawmakers worked until midnight negotiating changes to the final bills that remained on the legislative calendar. Of the 913 bills that were filed at the start of session, 168 have passed the final steps of the legislative session. These bills will now move to the governor’s desk for action. The IBA had another successful legislative session advocating for several key policies notable to the industry. For a full summary of the...
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