#2020-41, December 4, 2020

SBA Releases Data on PPP Loans

Following a court order, the Small Business Administration on Tuesday released names, addresses, loan amounts, and lenders' names for all Paycheck Protection Program borrowers. The release came after a federal judge from the District of Columbia lifted the stay earlier granted to the Small Business Administration (SBA) that temporarily stopped the release of loan-level data on all Paycheck Protection Program (PPP) loans and all COVID-19-related Economic Injury Disaster Loan (EIDL)
Media organizations widely reported on the data following the release, including The Boston Globe, which contained a searchable list of loan recipients.

To view the SBA data, click here.  To view the Boston Globe list of MA recipients, click here (subscription required)

OCC Proposes Fair Access to Banking Services Rule

The Office of the Comptroller of the Currency (OCC) recently issued a proposed rule requiring banks to provide access to services, capital, and credit based on their risk assessment of individual customers and not make decisions that affect entire categories of customers.  The proposed rule, which covers national banks and federal savings associations with more than $100 billion in assets, prohibits institutions from denying services in an effort to disadvantage or otherwise hinder the customer from competing in a market or business segment or benefiting another person or business activity.

In issuing the rule, the OCC cited a provision in the Dodd-Frank Act that charges the agency with “assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.”  The agency noted that the proposal is in response to some banks no longer financing specific kinds of businesses, such as gun manufacturers, fossil fuel companies, and private prisons.  Comments on the proposal are due by January 4, 2021.

To read more, click here.

FHFA Extends Fannie, Freddie Foreclosure and Eviction Moratoriums through January 31

The Federal Housing Finance Agency (FHFA) announced this week that it is extending the current moratorium on foreclosures and real estate owned evictions for single-family mortgages backed by Fannie Mae or Freddie Mac until January 31, 2021.  The moratorium was originally scheduled to expire on December 31.

To read more, click here.

OCC Releases Proposal on CRA Performance Standards

Last week, the OCC also released a proposal detailing the agency’s approach to determining Community Reinvestment Act evaluation measure benchmarks, retail lending distribution test thresholds and community development minimums.  The proposal further implements the new general performance standards outlined in the CRA final rule issued earlier this year.

The proposal states that the OCC plans to survey the industry to gather bank-specific information from institutions subject to the general performance standards.  This information will be used to help calculate CRA evaluation measures and CD minimum calculations for each bank’s assessment areas, as well as a bank-level CRA evaluation measure and CD minimum calculations.  The evaluation measure includes six benchmark values: one at the bank level and one at the assessment area level for the top three CRA ratings.  The CD minimum involves two values, one at the bank level and one at the assessment area level.

The proposal also makes clarifying and technical changes to the CRA final rule. Comments are due 60 days after publication in the Federal Register.

To read more, click here.

Senate Approves Waller to Serve on Fed Board of Governors

This week, the Senate approved the nomination of Christopher Waller to serve on the Federal Reserve Board of Governors on a party-line vote of 48 to 47.  Waller, who currently serves as the director of research at the Federal Reserve Bank of St. Louis, will serve a term on the Fed Board that expires in January 2030.

House GOP Names Ranking Committee Members for the 117th Congress

This week House Republicans named ranking committee members for the 117th Congress. Rep. Patrick McHenry (R-NC) will stay as ranking member of the House Financial Services Committee. Rep. Blaine Luetkemeyer (R-MO), a senior member of the House Financial Services Committee, will serve as a ranking member of the House Small Business Committee. Rep. G.T. Thompson (R-PA) will serve as ranking member of the House Agriculture Committee.

To view the full list, click here.