Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks

April 20, 2020 COVID-19 actions, Regulation lookup, The Fed 0

Title:
Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks
Subject: Reg O; Paycheck Protection Program
Agency: Federal Reserve
Status: Interim final rule; request for comments
Summary:
In light of recent disruptions in economic conditions caused by the Coronavirus Disease 2019 and current strains in U.S. financial markets, the Board is issuing an interim final rule that excepts certain loans that are guaranteed under the Small Business Administration’s Paycheck Protection Program from the requirements of section 22(h) of the Federal Reserve Act and the corresponding provisions of the Board’s Regulation O.
FR Doc: 2020-08574
Date proposed:
Comments due date: June 8, 2020
Final rule effective date:

April 22, 2020
Rule compliance date:
Agency release:

Related Reg Report item(s):

Fed tweaks rules to allow some bank directors, shareholders to apply for PPP loans for their small businesses