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FS-ISAC Coronavirus Update, March 4, 2021
FS-ISAC Coronavirus Update, March 4, 2021 About 80.5 million doses of Covid-19 vaccine have been administered in the US, according to data published Wednesday by the US Centers for Disease Control...
FS-ISAC Coronavirus Update, March 3, 2021
FS-ISAC Coronavirus Update, March 3, 2021 Ramped up vaccination rates and the arrival of a new vaccine from Johnson & Johnson are making economists optimistic about their forecast for a strong...
Community Bankers to Convene for ICBA Connect
Community Bankers to Convene for ICBA Connect The Independent Community Bankers of America announced a first-of-its kind team-focused virtual banking conference designed to address the unique...
Romero Rainey named one of Washington's most influential
Romero Rainey named one of Washington's most influential ICBA President and CEO Rebeca Romero Rainey was named one of Washington's most influential people by Washingtonian magazine. ICBA President...
SBA issues new PPP rule, applications
SBA issues new PPP rule, applications The SBA released its new interim final rule and new application forms implementing Paycheck Protection Program changes for sole proprietors and other borrowers...
Romero Rainey: ICBA pressing PPP reforms
Romero Rainey: ICBA pressing PPP reforms While Congress is fast-tracking the next stimulus package, problems with existing recovery programs remain unaddressed, ICBA President and CEO Rebeca Romero...
Meeting with constituents during CUNA’s virtual GAC? Here are some things to consider.
Meeting with constituents during CUNA’s virtual GAC? Here are some things to consider. Credit unions were created and granted a substantial tax exemption to serve “people of modest means.” However,...
SBA: New PPP rule coming soon
SBA: New PPP rule coming soon The SBA said it will "soon" publish a new Paycheck Protection Program interim final rule and issue a new application for Schedule C filers. Until then, it issued the...
Fed issues continuity tips for storm season
Fed issues continuity tips for storm season In a new post, the Federal Reserve provided resources on pre-storm planning, storm watching, and post-storm procedures The Federal Reserve released tips...
FS-ISAC Coronavirus Update, March 2, 2021
FS-ISAC Coronavirus Update, March 2, 2021 he $900 billion Covid relief bill passed in December with $600 stimulus checks and extra unemployment benefits, helped lift about 1.6 million Americans out...
IRS issues guidance on employee retention credit
IRS issues guidance on employee retention credit The IRS issued guidance for employers claiming the employee retention tax credit under the CARES Act. The guidance includes clarifications and...
SBA: PPP changes effective this week
SBA: PPP changes effective this week The SBA this week plans to issue an interim final rule detailing and implementing pending changes to the Paycheck Protection Program. The SBA this week plans to...
ICBA summarizes new House-passed stimulus plan
ICBA summarizes new House-passed stimulus plan ICBA released a summary of the House version of the $1.9 trillion American Rescue Plan Act (H.R. 1319), which the House passed Saturday on a nearly...
FS-ISAC Coronavirus Update, Feb. 26, 2021
FS-ISAC Coronavirus Update, Feb. 26, 2021 ollowing are today’s major Headlines, US Snapshots, US Vaccinations, US Variant Cases, key Highlights, the “Good Stuff” as well as key Statistics, Vaccine...
Oconee State Bank Taps FINBOA to Automate Back-Office Workflows
Oconee State Bank Taps FINBOA to Automate Back-Office Workflows Oconee State Bank has partnered with FINBOA, a leading innovator in digital automation and regulatory compliance for financial...
Fed payment services back up following disruption
Fed payment services back up following disruption Federal Reserve payment services are back online following a three-hour disruption yesterday that the Fed attributed to "operational error."...
PPP small borrower window opens, other reforms effective next week
PPP small borrower window opens, other reforms effective next week One of the Biden administration's Paycheck Protection Program reforms announced earlier this week started yesterday, with the rest...
Bill would expand farm partnership access to PPP
Bill would expand farm partnership access to PPP ICBA-supported legislation allowing farmers and ranchers categorized as partnerships to use gross income to calculate maximum Paycheck Protection...
COVID Relief Package Should Include USDA Business & Industry (B&I) Funding
COVID Relief Package Should Include USDA Business & Industry (B&I) Funding The B&I program is expected to exhaust current funding in the next few months and faces a projected $1 billion shortfall...
What I Have in Common with Matthew McConaughey: We Both Reinvented Our Careers
What I Have in Common with Matthew McConaughey: We Both Reinvented Our Careers ICBA Connect is a virtual experience that is designed to energize, inspire and bring community banking teams together....
CFPB announces plans to rethink QM rules
CFPB announces plans to rethink QM rules The Consumer Financial Protection Bureau said it expects to propose a rule to delay its Qualified Mortgage rule’s July 1 mandatory compliance date. The...
ICBA urges garnishment exemption for EIPs
ICBA urges garnishment exemption for EIPs ICBA and other groups urged Congress to include language in the next stimulus package exempting the third round of Economic Impact Payments from...
ICBA Encourages Americans to Celebrate Saving
ICBA Encourages Americans to Celebrate Saving During America Saves Week, the Independent Community Bankers of America reminds consumers that building a nest egg can help alleviate stress and...
Agencies announce relief for Texas winter storms
Agencies announce relief for Texas winter storms Federal and state agencies announced relief to institutions and taxpayers affected by this month's winter storms in Texas and other states. Federal...
ICBA urges crop insurance support
ICBA urges crop insurance support ICBA and other groups urged policymakers to protect crop insurance from harmful cuts as they develop the fiscal 2022 budget. ICBA and other groups urged...
FinCEN issues advisory on EIP fraud
FinCEN issues advisory on EIP fraud The Financial Crimes Enforcement Network issued an advisory to alert financial institutions to fraud and other financial crimes related to Economic Impact...
Community banks again outperform industry: FDIC
Community banks again outperform industry: FDIC Community banks reported net income growth of 21.2 percent in the fourth quarter from a year ago and a 3.6 percent increase in 2020 from the year...
FS-ISAC Coronavirus Update, Feb. 23, 2021
FS-ISAC Coronavirus Update, Feb. 23, 2021 A new report out Tuesday warns that a more transmissible variant of coronavirus threatens to start a renewed surge of infections in March, and suggests the...
PPP reforms target smallest businesses
PPP reforms target smallest businesses The Biden administration announced several Paycheck Protection Program reforms to target the program to the smallest businesses. The Biden administration...
ICBA urges funding for rural development programs
ICBA urges funding for rural development programs ICBA and other groups called on House appropriators to ensure adequate funding for key USDA rural development programs in the next COVID bill. ICBA...
FS-ISAC Coronavirus Update, Feb. 22, 2021
FS-ISAC Coronavirus Update, Feb. 22, 2021 President Joe Biden on Monday criticized the Paycheck Protection Program because small businesses struggled to get loans that instead went to larger...
Agencies finalize call report threshold relief
Agencies finalize call report threshold relief Federal regulators issued final call report changes related to asset threshold relief given the impact of Paycheck Protection Program lending on bank...
FS-ISAC Coronavirus Update, Feb. 18, 2021
FS-ISAC Coronavirus Update, Feb. 18, 2021 Treasury Secretary Janet Yellen said Thursday that a major stimulus package is necessary for the economy to recover from the Covid-19 pandemic even amid...
Community banks lead 2021 PPP lending
Community banks lead 2021 PPP lending Insured depository institutions under $10 billion in assets in 2021 have approved more than 740,000 Paycheck Protection Program loans worth $60.7 billion,...
Climate change poses risks to FIs: Fed's Brainard
Climate change poses risks to FIs: Fed's Brainard Federal Reserve Governor Lael Brainard said climate change is already imposing substantial economic costs while presenting risks and opportunities...
Fed extends netting protections
Fed extends netting protections The Federal Reserve Board issued a final rule to apply netting protections to a broader range of financial institutions. The Federal Reserve Board issued a final...
Fed's Powell testifying this week
Fed's Powell testifying this week Federal Reserve Chairman Jerome Powell is slated to testify this week before the Senate Banking Committee and House Financial Services Committee on the agency's...
Minority bank webinar on evaluating capital opportunities
Minority bank webinar on evaluating capital opportunities ICBA, ICBA Securities, and Vining Sparks are hosting a complimentary webinar for FDIC-designated Minority Depository Institutions on...
USDA announces dealer trust for livestock sellers
USDA announces dealer trust for livestock sellers The USDA Agricultural Marketing Service announced a new Dealer Statutory Trust for livestock sellers, in accordance with the year-end...
ICBA updates 'Return to the New Normal' guide
ICBA updates 'Return to the New Normal' guide ICBA updated its "Return to the New Normal" guide featuring suggestions to help community banks resume more normal operations and person-to-person...
ICBA issues summary on new BSA/AML law
ICBA issues summary on new BSA/AML law ICBA recently issued a summary on the defense spending law enacted at the beginning of the year that includes BSA/AML reforms. ICBA recently issued a summary...
FS-ISAC Coronavirus Update, Feb. 17, 2021
FS-ISAC Coronavirus Update, Feb. 17, 2021 A new report published in the New England Journal of Medicine on Wednesday suggests that Pfizer-BioNTech’s Covid-19 vaccine can protect people against...
Government measures target North Korean cybercrime
Government measures target North Korean cybercrime The Justice Department indicted three North Korean computer programmers for participating in a series of cyberattacks designed to steal and extort...
SBA shortens period for relief payments
SBA shortens period for relief payments The SBA issued new guidance adjusting the number of months of 7(a), 504, and Microloan payments it is making for borrowers under Section 1112 of the CARES...
ICBA Continues Call for Joint CRA Rulemaking
The Independent Community Bankers of America today reiterated its call for federal regulators to work together on updated Community Reinvestment Act regulations in a comment letter to the Federal...
FS-ISAC Coronavirus Update, Feb. 15, 2021
FS-ISAC Coronavirus Update, Feb. 15, 2021 The seven-day average of new COVID-19 cases in the US has declined in 40 states and territories, remained the same in eight, and increased in three states,...
SBA issues new loan program guidance
SBA issues new loan program guidance The SBA on Friday night issued two notices on its lending programs. Further PPP information and resources are available on the SBA and Treasury sites and ICBA's...
FS-ISAC Coronavirus Update, Feb. 12, 2021
FS-ISAC Coronavirus Update, Feb. 12, 2021 The US Centers for Disease Control and Prevention said Friday that schools can safely open as long as a range of precautions are in place, offering a...
Policymakers to Participate in ICBA ThinkTECH Accelerator Event
Policymakers to Participate in ICBA ThinkTECH Accelerator Event ICBA, in partnership with The Venture Center and the State of Arkansas, will host a one-day virtual summit for policymakers and the...
OCC allows closures due to Winter Storm Uri
OCC allows closures due to Winter Storm Uri The OCC issued a proclamation allowing national banks and federal savings associations to close offices affected by Winter Storm Uri at their discretion....
White House extends forbearance, foreclosure protections
White House extends forbearance, foreclosure protections The Biden administration extended the foreclosure moratorium and mortgage forbearance on certain loans through the end of June. The Biden...
FS-ISAC Coronavirus Update, Feb. 16, 2021
FS-ISAC Coronavirus Update, Feb. 16, 2021 The rate of new US coronavirus cases continued to decline Monday and Tuesday, as the country’s rolling average of daily infections fell below 90,000 for...
ICBA continues opposition to Rakuten ILC application
ICBA continues opposition to Rakuten ILC application Rakuten Bank America’s resubmitted deposit insurance application continues to pose risks of mixing banking and commerce due to Rakuten Inc.’s...
ICBA to OCC: Rescind unvetted charter policy shift
ICBA to OCC: Rescind unvetted charter policy shift ICBA and other groups asked the OCC to rescind an interpretive letter expanding eligibility to apply for a national trust charter as well as the...
Letter to Banking Agencies Regarding Community Bank Leverage Ratio
Letter to Banking Agencies Regarding Community Bank Leverage Ratio The Independent Community Bankers of America commends the Federal Deposit Insurance Corporation, the Federal Reserve Board and the...
FS-ISAC Coronavirus Update, Feb. 9, 2021
FS-ISAC Coronavirus Update, Feb. 9, 2021 In this latest update from FS-ISAC, experts warn the U.S. could be in the calm before the storm ahead of another possible surge in Covid-19 cases fueled by...
Fed extends rule allowing PPP loans to directors
Fed extends rule allowing PPP loans to directors The Federal Reserve Board again extended its rule allowing certain bank directors and shareholders to apply to their banks for Paycheck Protection...
Smaller lenders continue leading PPP lending
Smaller lenders continue leading PPP lending Insured depository institutions under $10 billion in assets in 2021 have approved more than 608,000 Paycheck Protection Program loans worth $39.4...
SBA begins EIDL repayments today
SBA begins EIDL repayments today The SBA today will begin remitting reconciliation payments for Paycheck Protection Program loans with a forgiveness payment that was reduced by the amount of an...
Consumer fraud losses surge in 2020: FTC
Consumer fraud losses surge in 2020: FTC The Federal Trade Commission said it received more than 2.1 million fraud reports from consumers in 2020. Consumers reported losing more than $3.3 billion...