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Financial Services Law Insights and Observations

Iowa Division of Banking issues statement to bank presidents and CEOs

State Issues Covid-19 Iowa SBA Federal Reserve Bank Compliance

State Issues

On April 22, the Iowa Division of Banking issued a statement to bank presidents and CEOs. The statement encourages banks to consider the Paycheck Protection Program Lending Facility created by the Federal Reserve as a liquidity option for Paycheck Protection Program loan activity. The announcement also addresses off-site examinations of financial institutions; the interagency statement on appraisals and evaluations for real estate affected by Covid-19; tracking payment extensions, deferrals, and modifications when working with customers; and loan loss reserve analysis, among other topics.