CBA Statement on CFPB FAQs Related to COVID-19

May 7, 2020
Allison Heimberg

CBA Statement on CFPB FAQs Related to COVID-19

 

WASHINGTON, D.C. – CBA President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau issued guidance consistent with CBA’s request to clarify what constitutes a “complete” Paycheck Protection Program application for purposes of Regulation B adverse action notification: 

 

“PPP is considered a lifeline for the nation’s small businesses facing immediate economic threats related to COVID-19.

 

“This much-needed guidance confirms the Bureau’s interpretation of a ‘complete’ application and will ensure lenders are not required to deny an application because of funding shortages or processing delays outside of a bank’s control. We are confident this clarifying guidance will help avoid disruptions within the SBA funding queue and ensure PPP applicants are not negatively impacted by Regulation B notification requirements while awaiting SBA funding.

 

“CBA greatly appreciates the CFPB’s efforts during this historical and unprecedented time.”

 

A copy of the FAQs is available here.

 

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.