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US says US$35 billion more in COVID-19 loans approved, trying to fix program snags

The US Small Business Administration (SBA) on Tuesday (Jan 26) said it had approved 400,000 more pandemic relief loans worth US$35 billion and was . ....

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U.S. says $35 billion more in pandemic loans approved, trying to fix program snags

By Reuters Staff
Slideshow ( 2 images )
WASHINGTON (Reuters) - The U.S. Small Business Administration (SBA) on Tuesday said it had approved 400,000 more pandemic relief loans worth $35 billion and was trying to fix issues operational snags with the program raised by lenders.
The SBA launched the third round of the Paycheck Protection Program (PPP) this month, but significant changes to its rules, process and technology platform, has caused problems that were slowing approvals, a bank group said on Tuesday.
Companies looking to apply for a second PPP loan were encountering technical hurdles the American Bankers Association said, while lenders are also receiving a “high number of incorrect error messages” when they submit loan applications. ....

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Bank On Certified Accounts Help Hundreds of Thousands of Residents Receive Stimulus and Other Emergency Payments Safely and with Social Distance

Bank On Certified Accounts Help Hundreds of Thousands of Residents Receive Stimulus and Other Emergency Payments Safely and with Social Distance
Sixty Banks and Credit Unions Across Every State in the Country Offer Products Certified as Safe, Appropriate by National Nonprofit Cities for Financial Empowerment Fund
Bank On s 2021-2022 Standards Require Low Costs, No Overdraft Fees, Spending and Bill Payment Features, and Newly Adds Digital Financial Institutions to those With Branches
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NEW YORK, Jan. 27, 2021 /PRNewswire/
National nonprofit organization the Cities for Financial Empowerment Fund (CFE Fund) announced today that 60 financial institutions with over 28,000 branches across the entire country now offer accounts certified as meeting newly updated Bank On National Account Standards (2021-2022). These bank and credit union accounts support local Bank On coalition efforts to expand access to safe and appropriate ....

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Banking group asks U.S. government to fix glitches in pandemic loan plan

A lobbying group for U.S. banks called on the U.S. government on Monday to amend glitches in a key federal pandemic loan program that it said were preventing small businesses from getting the financial aid they needed. ....

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Treasury under Yellen to prioritize climate change, sanctions, AML reform

By Aaron Nicodemus2021-01-26T21:26:00+00:00
Five out of five
Janet Yellen, former chair of the Federal Reserve, takes over as leader of a Treasury Department with a lot on its plate.
She’ll be expected to implement policies that help shore up a battered economy, sell President Joe Biden’s $1.9 trillion COVID-19 stimulus package to Congress, refocus on the effects of climate change on the economy, unwind contradictory and overlapping sanctions imposed by the Trump administration, and revamp the Bank Secrecy Act’s (BSA) anti-money laundering (AML) program. Yellen’s Treasury Department faces increasingly complex questions on how to regulate cryptocurrency, as well as other digital banking innovations pushed by a robust financial technology (FinTech) sector. ....

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