Insight

Washington Report 360 | May 22, 2020

OCC finalized rule amending CRA; Focus on FRB credit facilities; Continued updates to SA PPP

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

+1 919-664-7302

Highlights

  • OCC acted without the FDIC or FRB to finalize a rule amending its CRA regulations; a list of qualifying activities was included in the release. The rule becomes effective October 1, 2020 and compliance is generally required beginning January 1, 2023, though small, intermediate, wholesale, and limited-purpose banks must comply beginning January 1, 2024. 
  • Focus on FRB credit facilities highlighted in Congressional hearing, updates to Municipal Lending Facility (MLF) and Term Asset-Backed Loan Securities Facility (TALF); Treasury and FRB state all credit facilities to be operational by early June.
  • Continued updates to SBA PPP, including release of loan forgiveness applications, one new FAQ on lender reporting of Form 1502 and two interim final rules addressing entities with foreign affiliates and extension of the safe harbor.

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