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The Small Business Administration (“SBA”) recently issued a
procedural notice (the “Notice”) to “All SBA Employees and Paycheck Protection Program Lenders” setting forth “Revised SBA Paycheck Protection Platform Procedures for Addressing Hold Codes on First Draw PPP Loans and Compliance Check Error Messages on First Draw PPP Loans and Second Draw PPP Loans.” The Notice sets forth procedures Paycheck Protection Program (“PPP”) lenders must follow in approving First or Second Draw PPP loans under the 2021 Economic Aid Act.
PPP Experience To Date
As we discussed in a recent
blog post, with the third round of PPP funding currently underway, the government, through SBA and the Financial Crimes Enforcement Network (“FinCEN”), has begun taking steps to clarify lender compliance obligations in implementing the PPP. The onus of implementing the PPP has been on the private lenders participating in the program. The SBA reiterates this responsibility in the No
Headlines
FDIC Adjusts Deposit Insurance Assessment Calculations to Address CECL Transition
Federal Banking Agencies Announce Call Report Changes Related to COVID-19 Relief
OCC Issues LIBOR Self-Assessment Tool to Gauge Rate Transition Risks for Smaller Banks
Other Developments: Fair Housing and Paycheck Protection Program
1. HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners
The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) have announced a coordinated extension of forbearance and foreclosure relief programs for homeowners through June 30, 2021 in response to the ongoing COVID-19 public health emergency. The agencies announced on February 16 that each will extend its existing moratorium on evictions and foreclosures for home mortgage loans guaranteed by the VA or USDA, and for single-family home mortgage loans insured by the Federal Housing Administratio
Almost all countries increased regulation of the crypto finance industry in 2020. The COVID-19 pandemic provoked a significant boost of digital crimes, including money laundering, terrorist financing, online black marketing and other related criminal activity.
Certain jurisdictions have already implemented the legal framework, while others are just getting ready to do so. Although even pending legislative initiatives may make a big difference in the near future of the global financial system.
BASIS ID compliance team gives you an overview of the regulatory changes in crypto finance 2020- early 2021.
BASIS ID is a company of the ZignSec group. The software of BASIS ID verifies over 3,000 government-issued documents from more than 190 countries.
MP eyes tax on remittances
MP Osama Al-Shaheen affirmed that billions of dinars exiting the local economy annually, and has reached nearly KD21 billion according to estimates of the last five years, and mentioned that imposing fees on remittances at a rate of 2.5 percent will possibly save the state at least KD100 million annually.
Al-Shaheen said, in a press statement, that MPs Dr. Hamad Al-Matar, Dr. Abdulaziz Al-Saqabi, Khaled Al-Otaibi, and Shuaib Al-Muwaisari, proposed the bill to impose fees on remittances to countries outside Kuwait, as it would provide an added advantage to the local market, create new jobs, boost economies and fields of work in Kuwait.