IRS confirms SBA 7(a) payments no longer taxable income

Jan 22, 2021 | NewsWatch Today Article
The IRS this week issued guidance clarifying that SBA payments on existing 7(a) and 504 loans under Section 1122 of the CARES Act are no longer considered taxable income to the borrower.

Biden names acting agency heads

Jan 22, 2021 | NewsWatch Today Article
President Joe Biden named agency heads serving in an acting capacity until permanent leadership is confirmed by the Senate.

ICBA urges OCC to rescind CRA survey

Jan 22, 2021 | NewsWatch Today Article
ICBA encouraged the OCC to rescind its proposal to require national banks over $2.5 billion in assets to complete an Information Collection Survey to establish benchmarks for its 2020 Community Reinvestment Act rule.

Biden expected to tap Michael Barr to head OCC

Jan 22, 2021 | NewsWatch Today Article
President Joe Biden is expected to nominate former Treasury Department official Michael Barr for comptroller of the currency, according to reports from Politico and other news outlets citing anonymous sources.

FS-ISAC Coronavirus Update, Jan. 21, 2021

Jan 21, 2021 | Coronavirus Update
The U.S. reported 4,409 COVID-related deaths on Wednesday, the highest number of daily fatalities on record, according to this latest coronavirus update from FS-ISAC.

PPP resources available directly from SBA

Jan 21, 2021 | NewsWatch Today Article
Community bankers have reported problems with NewsWatch Today links to the SBA's Paycheck Protection Program resources, including application forms and rules.

Kraninger steps down from CFPB

Jan 21, 2021 | NewsWatch Today Article
Kathy Kraninger announced Wednesday that she resigned as Consumer Financial Protection Bureau director, as requested by President Joe Biden's administration.

ICBA Welcomes President Joe Biden

Jan 20, 2021 | Press Release
Independent Community Bankers of America President and CEO Rebeca Romero Rainey issued a statement on the inauguration of Joe Biden as the 46th president of the United States.

FS-ISAC Coronavirus Update, Jan. 20, 2021

Jan 20, 2021 | Coronavirus Update
The vaccine developed by Pfizer-BioNTech is likely to be just as effective against the highly transmissible strain of the coronavirus that was first discovered in the United Kingdom, according to more extensive analysis released Wednesday by the two companies.

Agencies issue FAQs on SARs

Jan 20, 2021 | NewsWatch Today Article
Federal regulators issued responses to frequently asked questions regarding Suspicious Activity Reports and other anti-money-laundering considerations.

Agencies finalize rules on supervisory guidance

Jan 20, 2021 | NewsWatch Today Article
The FDIC, OCC, and CFPB issued final rules to clarify and codify the role of supervisory guidanc

CFPB finalizes escrow relief

Jan 20, 2021 | NewsWatch Today Article
The Consumer Financial Protection Bureau issued a final rule implementing ICBA-supported relief from mandatory escrow requirements for higher-priced mortgage loans.

ICBA Announces Nominations for 2021-22 Board of Directors

Jan 20, 2021 | Press Release
The Independent Community Bankers of America (ICBA) today announced the nominees to serve on its 2021-22 board of directors

FS-ISAC Coronavirus Update, Jan. 18, 2021

Jan 19, 2021 | Coronavirus Update
Today's coronavirus update from FS-ISAC details the rising number of infections in California, the push to widen vaccinations across the country and the impact on nursing professionals in the U.S.

SBA issues resources as PPP fully reopens today

Jan 19, 2021 | NewsWatch Today Article
The SBA over the weekend issued additional resources on the Paycheck Protection Program, which will fully open to all participating lenders today

USDA finalizes hemp rule

Jan 19, 2021 | NewsWatch Today Article
The USDA issued its final rule regulating the production of hemp. The rule—which takes effect March 22—includes licensing and recordkeeping requirements, procedures for testing THC levels, compliance provisions, and more.

CISA issues guides with cyber best practices

Jan 19, 2021 | NewsWatch Today Article
The Cybersecurity and Infrastructure Security Agency issued new guides for federal agencies with best practices that can apply throughout the commercial sector.

CFPB issues compliance guide for debt collection rule

Jan 19, 2021 | NewsWatch Today Article
The Consumer Financial Protection Bureau issued a new small entity compliance guide summarizing the October 2020 debt collection rule.

FS-ISAC Coronavirus Update, Jan. 15, 2021

Jan 15, 2021 | Coronavirus Update
In today's coronavirus update from FS-ISAC, the Centers for Disease Control and Prevention says more than 11 million received their first coronavirus shots – representing an increase of about 1 million administered in the U.S. since Wednesday.

PPP reopening for more lenders today

Jan 15, 2021 | NewsWatch Today Article
The SBA will reopen the Paycheck Protection Program loan portal to PPP-eligible lenders with $1 billion or less in assets at 9 a.m. (Eastern time) today. The reopening applies to both first- and second-draw applications.