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Daily MBA Bank Beat for May 20th

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MBA (Michigan Bankers Association) Highlights
for Monday May 20, 2020.

MBA Highlights

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SBA Paycheck Protection Program

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  • In updates to its Paycheck Protection Program FAQs yesterday, the Small Business Administration announced that it will extend the deadline for lenders to submit the yet-to-be-released Form 1502, which must be completed in order for lenders to receive their processing fee. The deadline will be extended to May 29, 2020, or 10 calendar days after disbursement or cancellation of the PPP loan, whichever is later. View the Paycheck Protection Program Loan Frequently Asked Questions (FAQs). View the lending data.
  • Webinar: The Federal Reserve’s Paycheck Protection Program Liquidity Facility (PPPLF). Register here.

Regulators

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  • Read the statement by FDIC Chairman Jelena McWilliams on the CRA Joint Proposed Rulemaking
  • The CFPB yesterday said it would extend until August 4 the comment deadline for its proposal on time-barred debt disclosures. This supplemental proposal addresses the collection of time-barred debt, which is debt that has run past any applicable statute of limitations. It would require debt collectors to make certain disclosures if the collector knows or should know that a debt is time-barred.
  • OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations. Read more.

Main Street Lending Program

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  • Top policymakers said that they expect the Main Street Lending Program “to be up and running by the end of the month,” according to comments made by Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin in the Senate Banking Committee hearing. Both noted that starting the program-which is intended to provide up to $600 billion in credit to small and midsize firms-has been a top priority, though Powell qualified that given the complexity, the MSLP’s launch might slide “a day or two into June.” Register for live sessions.

Under the Dome

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  • The Michigan Court of Claims ruled in favor of Governor Whitmer in a lawsuit brought by the Michigan Legislature. An appeal is expected. Read more.
  • The Michigan Department of Treasury yesterday issued a notice today that provides business taxpayers additional time pay their Sales, Use and Withholding (SUW) taxes.
  • Secretary of State Jocelyn Benson announced yesterday that all registered voters will receive absentee ballots in Michigan. Read more here.
  • Michigan Strategic Fund Actions Help to Drive Economic Recovery Around the State, Position Michigan for Future Prosperity. Read more.

Housing Finance

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Bank Secrecy ACT

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  • The Financial Crimes Enforcement Network yesterday recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations. View the recipients.

Resources

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For more information on Endorsed Partners and Products, click here.

Professional Development/Online Learning

View Webinar Calendar. Search by topic.

 

 

  • Offered in conjunction with ProBank Austin
    • Loan Products and Compliance Rules: Which Rules Apply to Which Loans. May 27
    • TRID: Timing and Procedures. May 27

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