SBA extends date for PPP loan increase requests
Following the paycheck protection program's (PPP) extension to May 31, the Small Business Administration (SBA) has issued a new procedural notice for first-draw PPP borrowers seeking a loan increase. The notice clarifies that eligible borrowers have until the program deadline to submit a request for a loan increase.
Previous guidance required loan increase requests to be submitted by March 31.
The SBA notes that lenders will not be able to process loan increase requests if there is a hold code on the borrower's application until the lender resolves the hold code according to other procedural notices in place.
While new applications for PPP loans cannot be accepted after May 31, the SBA has until June 30 to process pending applications, which is when hold codes and increase requests must also be addressed by.
NAFCU has raised concerns about the amount of loans backlogged due to hold codes and has called on the SBA to clear the codes before the program ends. The agency has issued two procedural notices detailing lenders' certification requirements and use of machine learning to resolve the issues.
NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. Access the association's PPP FAQs here.
Add to Calendar 2021-07-13 14:00:00 2021-07-13 14:00:00 Fair Lending - What Your Board Needs to Know The new administration has made it crystal clear that fair lending compliance is at the top of its financial services agenda, and non-compliance is not an option. It’s time to dust off that fair lending program and make sure your preventive and detective controls are fully functioning as designed. This webinar will help you understand what is going on in fair lending compliance at credit unions, so that you can make sure your board is up to speed on key regulatory risks and paying attention to key fair lending risk indicators. Topics include, fair lending risk management, understanding fair lending risk in underwriting and pricing, and key considerations when reporting fair lending findings. Key Takeaways Identify and analyze potential fair lending risks in a practical manner. Understand recent fair lending enforcement case studies. Craft a strong message to the board on managing fair lending risk. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until July 13, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Risk titles Compliance titles Legal staff Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar. NCCOs will receive 1.0 CEUs for participating in this webinar. CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Identify and analyze potential fair lending risks in a practical manner. Understand recent fair lending enforcement case studies. Craft a strong message to the board on managing fair lending risk. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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