Specifically, lawmakers want to ensure that smaller banks and credit unions whose asset totals may have swollen as a result of making Paycheck Protection Program loans don't face heavier regulatory burdens like those that apply to financial institutions with over $10 billion in under the Dodd-Frank Act. The concerns have been received sympathetically by vice chairman of the Federal Reserve Randal Quarles and acting comptroller of the currency Brian Brooks.
Financial regulators' receptiveness to the proposals reflect their inclination to reduce red tape for banks and businesses grappling with the coronavirus pandemic. Last week, the Consumer Financial Protection Bureau a no-action letter to Bank of America for its new small-dollar loan offering, meaning that the bank is unlikely to see supervisory or enforcement action from the bureau for the offering.
Of note, the program aligns with a May recommendation from regulators that banks should offer small-dollar loans as an alternative to often predatory payday lenders. Additionally, the Small Business Administration and the Treasury Department a simpler application for forgiveness of PPP loans below $50,000. These moves essentially reward FIs for stepping up to facilitate recovery efforts.
Regulators and lawmakers are likely looking to eliminate potential hurdles that could dissuade FIs from future relief efforts as the pandemic drags on. Additional stimulus measures seem increasingly necessary as coronavirus cases across the US. If FIs fear that additional relief lending through government programs will result in an unmanageable regulatory burden, they may decline to participate—making it harder for consumers to access much-needed funds. that the election of Joseph R. Biden Jr.
Didn't we bail out these assholes in 2008?
horrible
Absolutely not! Shows you who the crooks are
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