Steve H. Powell & Company

  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog
  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog

​

Notice of Action Taken and the SBA's Paycheck Protection Program

5/15/2020

0 Comments

 
By: Steve Shepherd, CRCM,

On May 6, 2020 the CFPB (Consumer Financial Protection Bureau) issued a compliance aid with respect to compliance with Regulation B ECOA’s notice of action taken rules and the SBA’s (Small Business Administration) Paycheck Protection Program.
 
The new compliance aid comes in the form of three questions and answers from the CFPB regarding a completed application and the financial institution’s responsibilities for applications taken under the SBA’s Paycheck Protection Program.
 
A few of the interesting areas to note are that 1) an institution does not have a completed application sufficient to issue an action taken until it has been issued a loan number by the SBA and 2) if the institution refuses to grant credit prior to receiving an SBA loan number, the financial institution has made a credit decision and a notice of action taken would be required.
 
For additional information regarding the Regulation B ECOA requirements and the Paycheck Protection Program please see the compliance aid and additional guidance the CFPB has provided located at:
 
https://files.consumerfinance.gov/f/documents/cfpb_ecoa-regulation-b_faqs-covid-19.pdf
​
0 Comments



Leave a Reply.

    Archives

    March 2025
    February 2025
    January 2025
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    May 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    September 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    July 2021
    May 2021
    February 2021
    January 2021
    October 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    March 2019
    January 2019
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    February 2018
    January 2018
    October 2017
    August 2017
    July 2017
    June 2017
    March 2017
    February 2017
    October 2016
    September 2016
    August 2016
    June 2016

    RSS Feed

Proudly powered by Weebly