WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP […]
Monthly Archives: January 2021
Treasury Sanctions Iraqi Militia Leader Connected to Serious Human Rights Abuse
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Iraqi Popular Mobilization Committee (PMC) Chairman and former National Security Advisor Falih al-Fayyadh for his connection to serious human rights abuse. During protests beginning in October 2019, Iran-aligned elements of the PMC attacked Iraqi civilians demonstrating against corruption, unemployment, […]
OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations
News Release 2021-5 | January 7, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2020 through December 31, 2020. The list contains only national banks, federal savings associations, and insured federal […]
Acting Comptroller of the Currency Statement Regarding Capitol Riot and the OCC’s Enduring Mission
News Release 2021-4 | January 7, 2021 Share This Page: WASHINGTON, DC – Acting Comptroller of the Currency Brian P. Brooks issued the following statement to staff regarding the violent riots at the Capitol yesterday. Yesterday, we witnessed one of the ugliest moments in recent history. Violence and wanton lawlessness cannot be condoned. I echo Secretary […]
Treasury Launches $25 Billion Emergency Rental Assistance Program; Opens Portal to Begin Disbursement of Funding to State, Local, and Tribal Governments
WASHINGTON – On January 5, 2021, the U.S. Department of the Treasury launched the $25 billion Emergency Rental Assistance Program (ERAP) established by the Consolidated Appropriations Act, 2021. The ERAP assists households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds are provided directly to States (including the District […]
Acting Comptroller of the Currency Issues Statement on CFPB Task Force Study Regarding Federal Fintech Charters
News Release 2021-3 | January 6, 2021 Share This Page: WASHINGTON — Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon release of the Consumer Financial Protection Bureau’s (CFPB) task force report (PDF) endorsing the need for federal charters for financial technology (fintech) companies. The thoughtful report by the task force created […]
Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations
WASHINGTON – Today, the Treasury Department and Internal Revenue Service (IRS) issued final regulations regarding the section 45Q credit for qualified carbon oxide sequestration using carbon capture equipment placed in service on or after the date of the enactment of the Bipartisan Budget Act of 2018. “These final regulations provide taxpayers and the American energy […]
Treasury Sanctions Key Actors in Iran’s Steel Sector
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a China-based supplier of graphite electrodes, a key element in steel production, as well as twelve Iranian producers of steel and other metals products, and three foreign-based sales agents of a major Iranian metals and mining holding company. The […]
Federally Chartered Banks and Thrifts May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities
News Release 2021-2 | January 4, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. “While governments in other countries have […]
OCC Proposes Rule Regarding Permissible Bank Premises
News Release 2021-1 | January 4, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to codify permissibility standards for real estate used as national bank or federal savings association premises. The proposed rule would clarify standards for determining when real estate is […]