Summary
The Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System (Federal Reserve), and Office of the Comptroller of the Currency (together, the agencies) issued an interim final rule on April 7, 2020, that allows banking organizations to neutralize the regulatory capital effects of participating in the Federal Reserve’s Paycheck Protection Program Lending Facility (PPPL Facility). Through the PPPL Facility, each of the Federal Reserve Banks will extend non-recourse loans to eligible lenders, including depository institutions, to fund loans under the Paycheck Protection Program.
Statement of Applicability to Institutions under $1 Billion in Total Assets
The interim final rule is applicable to all FDIC-supervised institutions.
Suggested Distribution
FDIC-Supervised Institutions
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