Treasury Department

A Democratic victory in Tuesday's election would likely produce new leaders at the CFPB and OCC who could take bank regulation in a sharply different direction. Here are some names potentially under consideration.

Underwhelming participation in the middle-market loan program has forced the central bank to reduce the minimum borrowing amount for the third time, to $100,000.

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.

Southern Bancorp in Arkansas, which raised $35 million in capital from private investors, is out to prove that community development financial institutions can deliver attractive returns and fulfill their missions to help the underserved.

Kashkari, who oversaw the 2008 bank bailouts as a then-Treasury official, has been outspoken in favor of higher capital requirements since he took over at the Minneapolis Fed in 2016.

Executives are urging Congress and the White House to prioritize another round of help for businesses amid concerns that the continuing restrictions on reopening could lead to more loan defaults.

To date, the Small Business Administration hasn’t acted on tens of thousands of applications that lenders have submitted since early August. However, it will begin doing so by early next week, an official says.

Several institutions were first-time recipients in the latest round of funding, including $2.75 million for Self-Help FCU.

Democratic presidential nominee Joe Biden’s search for a Treasury secretary is widely seen as focusing on Brainard, a choice that would keep both Wall Street and progressives in line.

Capping a series of appearances on Capitol Hill this week, the Federal Reserve chair and Treasury secretary emphasized that they don’t have the authority to reallocate CARES Act funds to assist small businesses on their own.

U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs.

Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.

The Federal Reserve and the Treasury Department released a set of FAQ's aimed to clearing up misconceptions about the Main Street Lending program and encouraging more bank participation.

With only a fraction of the funds allocated being used, Federal Reserve Chair Jerome Powell said the central bank is considering tweaks to the middle-market rescue program in an appeal to lenders wary of taking on added risk.

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.

More than $1 billion in coronavirus relief went to small businesses that received multiple loans and a congressional subcommittee analyzing the Paycheck Protection Program says it has seen evidence of fraud in thousands more loans.

The Treasury Department has held shares in the Black-run banking company for more than a decade.

The legislation, which has yet to pass the House, is meant to ensure coronavirus relief funds go to consumers and are not diverted to debt collectors.

Many commercial property owners are locked out of existing coronavirus relief by financing terms that bar them from taking new loans. Under a House bill, they would receive government-backed equity investments.

The high court ruled June 29 that the structure of the Consumer Financial Protection Bureau violated the separation of powers.