2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Credit unions will face a complex and busy regulatory compliance environment in 2023. With a major r ...
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2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
John Zasada, Compliance Consulting Director, Financial Institutions Group
On April 17, 2020, the Federal Reserve (Fed) issued an interim final rule permitting Paycheck Protection Program (PPP) loans to be made to bank insiders and not be in violation of Regulation O.
Regulation O imposes certain restrictions on the loans bank directors and officers can receive from their bank. These restrictions have prevented some business owners from obtaining PPP loans. Because the Fed believes PPP loans pose minimal risks, it is excluding them from the definition of “extension of credit” and the corresponding requirements in Regulation O. Of course, any business owners applying for a PPP loan are subject to the Small Business Administration’s rules and restrictions.
Contact Doeren Mayhew’s regulatory compliance specialists with any questions.
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