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Lenders Score Small Business Relief, Accounting Help in Pandemic Package
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Factbox-Where U S banks won and lost in the new pandemic relief package
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In an editorial published in American Banker, NAFCU President and CEO Dan Berger pushed back against the American Bankers Association’s criticism of the NCUA’s new subordinated debt rule.
“For those who believe in putting people first, particularly those with less financial means and opportunity, they should be applauding the agency’s actions – not condemning them,” wrote Berger. “Regulatory efforts to advance reforms that allow credit unions to grow would directly provide more relief and financial assistance to the same communities banks have left behind year-after-year, and crisis-after-crisis.”
Despite the bankers’ baseless attacks, the NCUA board unanimously finalized – largely as proposed – the rule to permit low-income designated credit unions (LICUs), complex credit unions, and new credit unions to issue subordinated debt for purposes of regulatory capital treatment.
Austin Bank Jacksonville employees honored
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US Lenders Score Small Business Relief, Accounting Help in Pandemic Package
WASHINGTON The long-awaited nearly $900 billion U.S. pandemic aid package will help banks by boosting borrowers’ finances, easing a key small-business lending program’s rules and by granting accounting relief on deferred loan payments, lobbyists and analysts said.
After months of partisan wrangling, the U.S. Congress over the weekend struck a deal on another pandemic aid package, including one-time $600 checks for most Americans, extended unemployment benefits of $300 per week, and $284 billion more for the small business Paycheck Protection Program, or PPP.
Passed by lawmakers late on Dec. 21, the package includes a number of measures that the industry, potentially facing more than $300 billion in losses on souring loans through 2022, according to consultancy Deloitte, had lobbied for aggressively to bolster their books and help their customers.