The program would give small businesses greater flexibility on how they use loan proceeds; Warren Buffett’s company dumped 10 million of its nearly 12 million shares in the bank.
The Independent Community Bankers of America accused the National Credit Union Administration of using the coronavirus outbreak to usher in additional changes without the normal amount of scrutiny.
Banks typically don't offer loans to cash-strapped consumers, and are poorly positioned to start doing so on an emergency basis — unless the government steps in to help.
Noah Wilcox, a third-generation banker, says community banks are best-positioned to provide stability and capital in underserved markets during uncertain times.
First American Bank agreed to cover costs incurred by the Iowa Division in Banking, while the regulator made it clear that the accord would not set a precedent for future credit union-bank deals.
