Today we filed the NPA’s comment to the Office of the Comptroller of the Currency’s “Fair Access to Financial Services” proposed rule. You may access this comment on the NPA website www.nationalpawnbrokers.org. Team GRC has been working on this ever since the OCC posted this proposed rule on Nov. 25th. I will cautiously say this is the first ‘official’ glimmer of …
Additional Coronavirus Response and Relief
Last evening, Congress passed legislation that provides more COVID-19 relief to individuals and small businesses. Team GRC obtained an advance copy of the 5,593-page bill and provide you with the following: Payments to Individuals and Expanded Unemployment Benefits: Individual Stimulus Payments: Adults and children will be eligible for one-time stimulus payments of $600 per person if the household’s income is …
Congress Continues with Version of 2020 Bipartisan COVID-19 Emergency Relief Act
The Country waits while Congress continues the back and forth on the latest version of a Bipartisan COVID-19 Emergency Relief Act of 2020 Here are some “good” highlights: Forgivable expenses on a second PPP loans will include supplier costs and investments in facility modifications and PPE. Expenses paid with PPP proceeds will be tax deductible — apparently these members of Congress …
Huntington Bancshares to merge with TCF Financial in all-stock deal
From CNBC: Huntington Bank will acquire TCF Bank to make what some are calling a “Midwestern powerhouse.” GRC watches all major bank mergers to decide whether to prepare a comment for the NPA and to keep tabs on impending, regulatory-driven bank discontinuance outbreaks. Read more…
Senate Votes To Approve National Defense Authorization Act
On Friday, the Senate voted 84-13 to approve the National Defense Authorization Act, which contains an anti-money laundering amendment that requires businesses to report their true owners to FinCEN at the time of incorporation. The measure would relieve banks from this information collection and reporting. The House previously passed the defense spending bill by a vote of 335-78, which together with the …
CFPB Commences Military Lending Act Enforcement Action Against LendUp
December 4, 2020 Earlier today, the CFPB filed an action in federal court against LendUp, an online lender that provides single-payment and installment loans to consumers in many states. LendUp has been sued by the CFPB before and paid a civil penalty in settlement of the charges in that action. This time, the CFPB alleges that LendUp violated the MLA …
IRS Releases PPP Loan Forgiveness Tax Guidance
November 23, 2020 On November 18, 2020, the Internal Revenue Service issued guidance to clarify that business expenses paid with any portion of PPP loans that have been or may be forgiven by the SBA are NOT eligible for ordinary business-expense tax deductions; and PPP loans that are fully or partially forgiven or expected to be forgiven are excluded from …