The following hot-button issues are top priorities as ICBA advocates common-sense reforms on behalf of community banks and the communities they serve.
Year-end legislation included simplified forgiveness for PPP loans of less than $150,000. EIDL Advance grants are no longer deducted from the forgiveness amount. The new law also provides that a lender is “held harmless” and must only pay agent fees when there is a contract.
Year-end pandemic relief legislation extended the suspension of troubled debt restructuring (TDR) classification through 2021. Implementation of current expected credit loss (CECL) is also delayed till 2022.
Year-end pandemic relief legislation created a second draw PPP with $15 billion (initial and second draw) set aside for loans issued by depository institutions with under $10 billion in assets.
In response to an ICBA grassroots and media campaign, the FHFA, Fannie Mae, and Freddie Mac delayed a 50-basis point fee on refinanced mortgages from Sept. 1 to Dec. 1 and exempted smaller loans.