Regulatory Alerts2020-05-12
Secretary's Letter Regarding Assessment Impact of PPP Loans
Pennsylvania Acting Secretary Richard Vague issued a directive to state-chartered banks and credit unions to neutralize the financial impact of Paycheck Protection Program loans on regulatory assessments. The Department of Banking and Securities will exclude the aggregate amount of originated PPP Loans from the consolidated total assets of banks and total assets of credit unions when calculating semiannual assessments. This adjustment applies during the Governor's Disaster Emergency proclamation to prevent higher fees that might otherwise deter institutions from participating in the SBA program.
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