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On April 16, 2020 the Federal Financial Institutions Examination Council (FFIEC) announced the availability of FFIEC Federal Disclosure Computational Tools, including the Annual Percentage Rate (APR) Computational Tool and the Annual Percentage Yield (APY) Computational Tool. The FFIEC member agencies collaborated to develop the Federal Disclosure Computational Tools, which will assist financial institutions in their efforts to comply with the consumer protection laws and regulations. The APR Computational Tool is designed to streamline the process

The Small Business Administration’s Paycheck Protection Program, authorized by the CARES Act, became available on April 3 for small businesses and sole proprietorships and on April 10 for independent contractors and self-employed individuals. Lenders participating in the PPP have been overwhelmed by the number of applicants and are working diligently to process the loans expeditiously. One concern for lenders is providing a quick turnaround while still complying with the Bank Secrecy Act requirements. The SBA

On April 9, 2020 Treasury Secretary Mnuchin approved the establishment of a Main Street Business Lending Program and a Municipal Liquidity Facility to support the flow of credit to American workers, businesses, States, counties, and cities impacted by the Coronavirus pandemic. Main Street Business Lending Program Small and medium-sized businesses, through no fault of their own, have faced severe financial strain from widespread closures and liquidity pressures in the financial system. Using funds appropriated under

Details related to the Paycheck Protection Program (PPP) continue to evolve. First it appears that Congress is poised to provide additional funding for the program. Also, the Small Business Administration continues to relax the rules to make it easier for financial institutions to participate. The new $349 billion program was part of the CARES Act. All insured financial institutions can offer the PPP immediately, even if the institution is not a SBA certified lender. Additional

The Paycheck Protection Program (PPP) is the hottest commercial loan product in the financial institution industry right now. The new $349 billion program was part of the CARES Act. Applications could be accepted starting last Friday. Here is the big deal – all insured financial institutions can offer the PPP immediately, even if not a SBA certified lender. The PPP provides much-needed relief to millions of small businesses so they can sustain their businesses and