Agencies Announce Changes to the Community Bank Leverage Ratio

News Release 2020-49 | April 6, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency The federal bank regulatory agencies today announced the issuance of two interim final rules to provide temporary relief to community banking organizations. The agencies are acting to […]

Federal Agencies Encourage Mortgage Servicers to Work With Struggling Homeowners Affected by COVID-19

News Release 2020-48 | April 3, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemConference of State Bank SupervisorsConsumer Financial Protection BureauFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing […]

Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period

News Release 2020-47 | April 2, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemCommodity Futures Trading CommissionFederal Deposit Insurance CorporationOffice of the Comptroller of the CurrencySecurities and Exchange Commission Five federal financial regulatory agencies on Thursday announced that they will consider comments submitted before May 1, 2020, on their proposal […]

Social Security Recipients Will Automatically Receive Economic Impact Payments

WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.    “Social […]

Treasury and IRS Release FAQs to Help Small and Midsize Businesses Navigate Paid Sick and Family Leave Tax Credits

 WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service are offering small and mid-size employers more information on refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing their employees paid sick and family leave wages related to COVID-19. “The financial strain American businesses are experiencing is not their […]

Readout of Call of the Task Force on Nonbank Mortgage Liquidity

WASHINGTON – On March 30, U.S. Treasury Secretary Steven T. Mnuchin convened a call of the Task Force on Nonbank Mortgage Liquidity to discuss conditions and activities in the mortgage servicing markets.  The group heard a presentation on market conditions and the actions taken recently by Ginnie Mae to support servicers that participate in their […]

Treasury Delays Tax and Reporting Due Dates for Alcohol, Tobacco, Firearms and Ammunition Businesses Hit by COVID-19

WASHINGTON – The Treasury Department is delaying tax payment due dates for wine, beer, distilled spirits, tobacco products, firearms, and ammunition excise taxes, to provide flexibility for businesses that have been negatively affected by COVID-19. “Many businesses regulated by the Alcohol and Tobacco Tax and Trade Bureau (TTB) have been adversely impacted by the COVID-19,” […]

Treasury Encourages Businesses Impacted by COVID-19 to Use Employee Retention Credit

WASHINGTON – The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.  The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. “We encourage businesses […]

With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds

WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they […]

OCC Reports Fourth Quarter 2019 Bank Trading Revenue

News Release 2020-45 | March 30, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $7.2 billion in the fourth quarter 2019, which was $4.0 million, or 0.1 percent, less than the previous quarter. In the report, Quarterly Report on […]