Effective January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (the “Act”) became law. Among other provisions, the Act contains the most significant changes to the Bank Secrecy Act (the “BSA”) since 2001. Most significantly, the Act
Continue Reading BSA/AML Update: Significant New Requirements Ahead
On December 27, 2020, as part of a larger government funding bill, President Donald J. Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”). The Act, among other things, restarts the Paycheck
Continue Reading It’s Back: Paycheck Protection Program 2.0
On October 2, 2020, the Small Business Administration (the “SBA”) issued a procedural notice (the “Notice”) detailing the requirements for an entity (a “PPP Borrower”) that received a Paycheck Protection Program (“PPP”) loan (“PPP Loan”) to enter into a change
Continue Reading PPP Update: SBA Issues Guidance on M&A Transactions
Markets like certainty. On July 20, 2020, the Office of the Comptroller of the Currency (the “OCC”) proposed a new rule for national banks and federal savings associations that would solve the “true lender” question and help bring certainty to financial
Continue Reading OCC Proposal Would Bring Certainty to the Identity of the “True Lender”
On May 28, 2020, the U.S. House of Representatives passed legislation that, if adopted by the Senate and signed into law by the President, would provide considerable relief to borrowers under the Paycheck Protection Program (PPP).
The bill, known as
Continue Reading UPDATE: U.S. House of Representatives Seeks to Amend the CARES Act to Provide Borrower’s Relief under the PPP
On May 21, 2020, the U.S. Small Business Administration (“SBA”) released a notice informing lenders of how they may collect loan processing fees for eligible loans issued under the Paycheck Protection Program (“PPP”).
Pursuant to the CARES Act and the
Continue Reading SBA Announces Procedure for PPP Lenders to Collect Loan Processing Fees
On April 9, 2020, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), and the Office of the Comptroller of the Currency (collectively, the “federal banking agencies”) issued an interim rule that
Continue Reading Paycheck Protection Program Loans May Be Excluded from a Bank’s Regulatory Capital Ratios
On April 6, 2020, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (collectively, the “federal banking agencies”) announced the issuance of two interim final rules
Continue Reading Temporary Regulatory Relief: Community Bank Leverage Ratio Set At 8%
On March 24, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a statement on its supervisory activities (“Statement”) during the unprecedented COVID-19 pandemic. As part of that Statement, the Federal Reserve indicated that “to
Continue Reading Federal Reserve Suspends Regulatory Examination Activity for Banks with Total Consolidated Assets Under $100 Billion
Over the past two weeks, we have received numerous inquiries from financial institutions on what actions should be taken or considered to address the COVID-19/Coronavirus pandemic. While every bank is different and the current situation is evolving each day, we
Continue Reading Coronavirus Update: Strategies and Considerations for Financial Institutions
