More about Amanda Garnett
Amanda Garnett is a principal in the financial institutions practice of CliftonLarsonAllen (CLA) from Peoria, Illinois. She currently leads the firm’s Midwest financial institution tax team and serves institutions ranging in size from $15 million to $3.5 billion in total assets. In addition to tax compliance, Amanda assists clients in the areas of tax consulting, mergers and acquisitions, and regulatory reporting. She also routinely teaches courses for banking associations across the country.
Blog Posts by Amanda Garnett:
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Financial Institutions Will Likely Not Qualify for Employee Retention Credit
The CARES Act includes an Employee Retention Credit designed to encourage businesses affected by the COVID-19 crisis to keep employees on their payroll by offering a refundable payroll tax credit of up to $5,000 per employee to help offset salary costs if certain criteria are met. The initial guidance about this new credit was limited, […]
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Savings Transaction Limitations Suspended
This blog is posted on behalf of Lyle Kolosik, Regulatory Compliance Manager. The Federal Reserve Board announced on Friday April 24th an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit” definition. The interim final rule permits depository institutions to […]
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Federal Banking Agencies Provide Appraisal and Evaluation Deferrals to Expedite Lending
Federal banking agencies issued an interim final rule this week to temporarily defer real estate related appraisals and evaluations under the agencies’ interagency appraisal regulations. The rule provides temporary relief to allow regulated institutions to extend financing to creditworthy households and businesses quickly during the national emergency declared in connection with COVID-19.
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Regulatory Compliance Relief for Mortgage Servicing Loosens Timeframes but Doesn’t Eliminate Requirements
As COVID-19 continues to impact local economies, financial institutions are faced with the challenge of maintaining a consistent level of compliance with federal and state regulatory guidelines while helping their community and customers through this time of crisis. Though national regulators have offered flexibility in serving customers during this challenging time, the actions taken to date provide limited relief to institutions from a compliance perspective.
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Recording Available: PPP for Lenders Livestream
This video is a recording of Monday’s CLA Livestream broadcast in the event you missed our live event. Todd Sprang, Leslie Boyd, and Charlie Cameron cover the key issues facing lenders to date related to lending through the Paycheck Protection Program (“PPP”).
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Cybersecurity Controls Should Not Be Relaxed As Employees Work from Home
In the face of COVID-19, employers around the world are being challenged to design new ways to allow their employees to remain productive while working from home. Though financial institutions have long been on the forefront of technology, we have seen many institutions struggle to implement widespread work from home initiatives.
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Video: Paycheck Protection Program for Lenders FAQs
This video is the first in a series of videos we will be releasing related on the key issues facing financial institutions in response to COVID-19. Today we address some of the most frequently asked questions we have received to date regarding lending through Paycheck Protection Program.
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Paycheck Protection Program- Additional Help Available for Stressed Lenders
Because many financial institutions are experiencing strong interest from current borrowers as well as potential new borrowers to their institution, they are evaluating the need and benefit of seeking the assistance of agents to help ensure more accurate data submission, ensure program compliance, and improve timeliness of application submissions. CLA is here to help financial institutions through the PPP process.
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All Insured Depository Institutions Should Strongly Consider Becoming PPP Lenders
Based on documents released from the Treasury on March 31, 2020, we now believe that all insured depository institutions will not only be eligible to participate as lenders in the Paycheck Protection Program (“PPP”), but will be quickly accepted by the SBA with a very limited approval process. The process may be as simple as […]
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Health Check: Your Loan Portfolio and the Current Economic Environment
Whether you are a lender or employ lenders, you may be asking yourself “Where do I begin?” Start with these best practices, designed to help financial institutions manage loan portfolios during this difficult time.