CBA hosted an update today with SBA representatives on PPP forgiveness, MSLP and more
Powell: Fed could further tweak Main Street Lending Program 'As we learn more '

In testimony published ahead of today’s Senate Banking Committee hearing, Federal Reserve Chairman Jerome Powell noted that “public input has been crucial” in the agency’s development of the Main Street Lending Program and that additional changes to the program may be forthcoming “as we learn more” about the needs of potential borrowers in the days ahead.
Powell noted that based on public comment, the Fed has already made changes to the minimum and maximum loan sizes and expanded the size of firms permitted to borrow under the MSLP. “These changes should help the program meet the needs of a wider range of employers that may need bridge financing to support their operations and the economic recovery,” he said. Read more.
FinCEN issues warning on COVID-19 medical scams, notice on reporting

The Financial Crimes Enforcement Network yesterday issued an advisory on medical scams related to the coronavirus pandemic—the first in a new series of warnings about COVID-19-related financial crimes—as well as a notice on filing reports of COVID-19-related suspicious activities.
The notice reminds banks of their Bank Secrecy Act reporting obligations while “recogniz[ing] “that current circumstances may create challenges with respect to certain BSA obligations, including the timing requirements for certain BSA report filings.” It provided information about what banks should include in suspicious activity reports during the pandemic and provides contacts for reporting suspected COVID-19-related crimes to other agencies.
FinCEN also released an advisory documenting 22 red flags for COVID-19-related medical scams, including fraudulent treatments or tests, non-delivery of medical goods, price gouging and hoarding. The advisory also provides case studies of these kinds of scams.  Read the reporting notice Read the advisory on medical scams .
SBA issues foreign language PPP materials, clarifies eligibility for foreign affiliates

To assist non-English speakers with completing their Paycheck Protection Program applications, the Small Business Administration yesterday issued a number of foreign-language resources, including a sample application, warnings about PPP-related frauds and scams and frequently asked questions. The documents are provided for informational purposes only and SBA reminded borrowers that their PPP applications must be submitted in English.
SBA also issued an interim final rule yesterday addressing the eligibility requirements related to entities with foreign affiliates. The rule takes effect upon publication in the Federal Register and will remain applicable until the earlier of June 30, 2020, or when program funding is exhausted. View the foreign language resources . Read the interim final rule .
Atlanta Fed's Bostic: Examiners will not second-guess banks' emergency actions

In bank examinations, the Federal Reserve Bank of Atlanta will not penalize banks for “emergency decisions” made in response to the pandemic, Atlanta Fed President and CEO Raphael Bostic said yesterday, according to a report in the Wall Street Journal.
“We’ve tried to be as clear as possible that we will remember that banks have operated in an emergency situation, have made emergency decisions, and we won’t penalize them for that nine to 12 months from now when we do our regulatory reviews,” Bostic said via videoconference at a Nashville business event. “I’m going to make sure we hold to that.” Read more .

The Consumer Financial Protection Bureau has waived Home Mortgage Disclosure quarterly reports and has been more flexible with exams and enforcement on banks during the coronavirus pandemic. The agency has also given credit card companies more time to deal with bill disputes and eased remittance rules for some banks. Read more.
Quarles: Commercial real estate part of stress test
The Federal Reserve's stress test of banks includes an evaluation of how the coronavirus pandemic affects commercial real estate. The Fed is prepared to act if the review shows intervention is necessary, says Randal Quarles, vice chair for supervision. Read more .
Bankers express concern over CARES Act credit reporting issue - we're working on it

Bankers have rung alarm bells over stipulations in the CARES Act that disallow negative credit reporting amid the COVID-19 pandemic. Because Fannie Mae, Freddie Mac and the FHFA are required to disallow borrowers from refinancing or accessing new loans should they miss two mortgage payments, banks and borrowers alike could face extreme challenge due to the conflict. No resolution has been reached yet, but conversations are ongoing with the agencies, bank advocates and others.
Annual membership meeting goes virtual
CBA Membership Meeting - join us online
In light of the restrictions and safety measures in place amid the COVID-19 pandemic, the Colorado Bankers Association will be hosting its annual membership meeting virtually.
Join us May 21 at 10 a.m. to participate in leadership elections for the 2020-2021 year and to discuss pressing issues related to the effect of the pandemic on the banking industry. The meeting will be immediately followed by a board of directors meeting.  
Nominees for the 2020-21 year are: 
Chairman : Nathan Ewert, FNB Fort Collins 
Incoming chairman : Mike Brown, Alpine Bank 
Treasurer : Mark Hall, Vectra Bank 
When: May 21, 2020 - 10 a.m.
Colorado Bankers Association
303-825-1575 | 303-825-1585