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

Title: Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks
Subject: PPP loans
Agency: Federal Reserve
Status:
Interim final rule
Summary:

On April 17, 2020, the Board issued an interim final rule to except certain loans made through June 30, 2020, that are guaranteed under the Small Business Administration’s Paycheck Protection Program from the requirements of the Federal Reserve Act and the associated provisions of the Board’s Regulation O. The Board issued two additional interim final rules to extend the exception when Congress approved extensions to the Paycheck Protection Program. To reflect a further extension approved by Congress and to automatically capture any further extensions, the Board is issuing this interim final rule to extend this exception to such loans made through March 31, 2022.

FR Doc: 2021-10711
Date proposed: May 14, 2021
Comments due date: July 6, 2021
Effective date:

May 21, 2021

Rule compliance date:
Agency release: Federal Reserve Board announces the third extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)
Related Reg Report item(s): Fed extends PPP loan rule third time to permit loans to bank directors, shareholders

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