Brainard Confirmed as Fed Vice Chairman
By a vote of 52 to 43, the Senate confirmed sitting Federal Reserve (Fed) Governor Lael Brainard to a four-year term as vice-char of the Fed.
SBA: Lenders Need Not Submit Duplicate PPP Loan Review Documentation
The Small Business Administration (SBA) confirmed that lenders do not need to submit duplicate documentation when SBA seeks documents during the agency's review of a Paycheck Protection Act (PPP) loans. If the requested documentation has been uploaded to the platform, lenders can select “Complete - Send to SBA” in the inbox message to return the request for information to SBA.
More Clarity Needed on Payments System Access Proposal
In a letter to the Fed, the ABA and other trade groups asked for details on how the agency will deal with issues relating to novel charters seeking access to its payments system. The groups called for the guidelines to “ensure that all institutions with access are held to an equally high standard of supervision.”
Read the Letter
CFPB to Examine Nonbanks
The Consumer Financial Protection Bureau (CFPB) announced plans to directly examine nonbank financial services providers. The Bureau believes that this action “will help protect consumers and level the playing field between banks and nonbanks.”
Upcoming 'Ask the Regulators' Webinar on the Computer-Security Incident Notification Rule
The Federal Reserve, FDIC and OCC will host a webinar on April 28 at 1:00 p.m. CST to respond to questions regarding the final rule on computer-security incident notification. Submit questions in advance to email@example.com.