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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, October 29, 2020

October 29, 2020

By FedACTion Task Force

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to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

Federal Agencies

National Credit Union Association

Chairman Hood Remarks: COVID-19 Shows Need for Greater Financial Inclusion

October 28, 2020

National Credit Union Administration (NCUA) Chairman Rodney E. Hood delivered remarks at the annual Inclusiv Conference in support of a financial inclusion agenda that expands economic opportunity for all Americans. He noted that the COVID-19 pandemic has revealed a concerning aspect of American life; that inequalities continue to plague the country. He also cited the NCUA’s new financial inclusion initiative, ACCESS, as an example of what the agency is doing to foster greater financial inclusion, accessibility and opportunity for all Americans.

U.S. Small Business Administration

SBA Achieves Historic Small Business Lending for Fiscal Year 2020

October 28, 2020

The U.S. Small Business Administration (SBA) announced fiscal year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act. Loans guaranteed through traditional SBA lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the SBA. In fiscal year 2020, the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion; the SBA’s Economic Injury Disaster Loan (EIDL) Program added another 3.6 million small business loans valued at $191 billion, as well as an additional 5.7 million EIDL advances worth $20 billion.

OIG Inspection of SBA's Initial Disaster Assistance Response to the Coronavirus Pandemic

October 28, 2020

The Office of the Inspector General (OIG) of the U.S. Small Business Administration (SBA) released a report which presents the results of OIG’s inspection to assess the SBA’s initial disaster assistance response to the COVID-19 pandemic. Based on its analysis of SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) data, as of July 31, 2020, OIG found the SBA approved $14.3 billion ($13.4 billion disbursed) in COVID-19 EIDLs to accounts that differed from the original bank accounts listed on the loan applications; $62.7 billion ($58.0 billion disbursed) in multiple (between 2 and 245) COVID-19 EIDLs to applicants using the same IP addresses, email addresses, bank accounts, or businesses listed at the same addresses; and approximately $1.1 billion in COVID-19 EIDLs and emergency advance grants to potentially ineligible businesses. OIG also presents its recommendations for the SBA to strengthen its controls to lower fraud risk and recover funds from ineligible businesses as it continues to respond to the ongoing pandemic.

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