News Topic: Treasury Department

Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome. ... Read full article

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature. ... Read full article

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase. ... Read full article

The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package. ... Read full article

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses. ... Read full article

Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster. ... Read full article

Nearly 4 million households that were to be mailed paper checks will instead receive their pandemic relief aid via prepaid debit cards issued by MetaBank. ... Read full article

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus. ... Read full article

The Term Asset-Backed Securities Loan Facility is just one example of a fund that could be retooled. ... Read full article

Banks could end up holding many low-rate Paycheck Protection Program loans on their books for two years, and dealing with irate borrowers who failed to meet federal requirements for forgiveness. ... Read full article

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability. ... Read full article

Millions of Americans have yet to receive their stimulus checks, leading progressives to demand reforms improving underbanked consumers’ access to the financial system. ... Read full article

As special IG for the Treasury’s allocation of $500 billion in aid, Brian Miller could look into funding for Fed credit facilities. But Democrats on the Senate Banking Committee questioned his independence. ... Read full article

The Small Business Administration's last-minute plan to temporarily block larger banks from the relief loan program is another example of the agency changing the rules midstream, critics said. ... Read full article

As banks accept new applications for the paycheck program, they are dogged by complaints that they prioritized wealthy borrowers. But lenders likely fast-tracked clients they knew best under difficult circumstances, observers say. ... Read full article

Economists also expect the Fed's balance sheet to more than $10 trillion as policymakers look to lift the country from a recession brought on by the coronavirus pandemic. ... Read full article

The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments. ... Read full article

Financial institutions could testify before the bipartisan commission overseeing the unprecedented economic aid for industries hit by the COVID-19 pandemic. But without subpoena authority, the panel’s impact may be limited. ... Read full article