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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Since 1933, no depositor has lost a penny of FDIC-insured funds

Financial Institution Letters

FIL-37-2020
April 9, 2020

Changes to the Regulatory Capital Rule to Accommodate the Paycheck Protection Program

Printable Format:

FIL-37-2020 - PDF (PDF Help)

Summary:

The Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System (Federal Reserve), and Office of the Comptroller of the Currency (together, the agencies) issued an interim final rule on April 7, 2020, that allows banking organizations to neutralize the regulatory capital effects of participating in the Federal Reserve's Paycheck Protection Program Lending Facility (PPPL Facility). Through the PPPL Facility, each of the Federal Reserve Banks will extend non-recourse loans to eligible lenders, including depository institutions, to fund loans under the Paycheck Protection Program.

Statement of Applicability: The interim final rule is applicable to all FDIC-supervised institutions.

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