{"id":2091,"date":"2020-05-08T17:07:45","date_gmt":"2020-05-08T17:07:45","guid":{"rendered":"https:\/\/albanknews.com\/?p=2091"},"modified":"2020-05-08T17:07:45","modified_gmt":"2020-05-08T17:07:45","slug":"compliance-qa-ppp-loan-reporting-to-credit-bureaus","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=2091","title":{"rendered":"Compliance Q&#038;A: PPP Loan Reporting to Credit Bureaus"},"content":{"rendered":"<p><strong>Q:\u00a0<\/strong>Are banks required to report SBA Paycheck Protection Program (PPP) loans to the credit bureaus? I thought that SBA 7(a) loans are required to be reported, but I don\u2019t know if this extends to PPP loans.<\/p>\n<p><strong>A:\u00a0<\/strong>You are right that there is a general requirement to report SBA loans.\u00a0That being said, this requirement was not specifically cross referenced in the PPP rules, so it\u2019s currently still not clear whether this requirement extends to PPP loans. While the intent does not appear to be to require institutions who currently do not report to begin the reporting process for PPP loans, the bank will ultimately have to make an internal judgment call until further guidance is issued.<\/p>\n<p><em>2. Reports to Credit Reporting Agencies In accordance with the Debt Collection Improvement Act of 1996, Lenders are required to report information to the appropriate credit reporting agencies whenever they extend credit via an SBA loan. Thereafter, they should continue to routinely report information concerning servicing, liquidation, and charge-off activities throughout the life-cycle of the loan. (See Chapter 26 for more information regarding credit reporting requirements for loans in charge-off status.)<br \/>\n<\/em><em>SBA SOP 50 57 2, p. 28:\u00a0<\/em><em><a href=\"https:\/\/url.emailprotection.link\/?bgEHdAxeyQY6dKjw1C59KnEg6z8CZLyWArXstvOJCMNnj1ErMg_HjfMl5dE17G88JF_88JGPop-dqmaSQ5JIiIumTSO3wwPSZgXNkofR0Rj7XuYitOz49w-MQOZYD7Gn5\">https:\/\/www.sba.gov\/sites\/default\/files\/files\/SOP_50_57_2_1.pdf<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call(888) 353-3933 or email <a href=\"mailto:info@compliancealliance.com\">info@compliancealliance.com<\/a> and ask for our Membership Team.<\/strong><\/p>\n<p><strong>Not a member? <\/strong>Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n<ul>\n<li><a href=\"https:\/\/url.emailprotection.link\/?bURBhcTUkGSBm4cPRmJLJEmSnFWYxZ8iXP2Q3f5MpgnOYgNEeuTtQwZ-Ce2A86UBNho_C23y1RCjUG4U-0f17-A7SNI0WgyW13znRDafGfr5SaZAFkTGry7lOT7PNQ3i8JCcYyEFJN_HrkUr1Rf8tNqWq-DvCvMnl3Bm5InVxmPA~\"><strong>Live Demo on Tuesday,\u00a0 May 12<sup>th<\/sup> @ 10:00am CT.<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/url.emailprotection.link\/?b5Ht59gH64WiTU3jfCnGPXrBfy1f9B9drEI0g2AZYLEaco-Wf4SRl23mW54W4ZmPYaZrYylYjxSuO6WWX5p2g2HcG6MBqn-rqSgqAi1gEKFzpwq36L5eQobhxOAgMsg9OG950Z5MC8b8hvHX4eDRN1NXXK637p3FxWQja1ZjpYgI~\"><strong>Live Demo on Thursday,\u00a0 May \u00a014<sup>th<\/sup> @ 1:00pm CT.<\/strong><\/a><\/li>\n<\/ul>\n<p>Compliance rules and regulations change quickly! For timely compliance updates, <a href=\"https:\/\/url.emailprotection.link\/?bwKfDDWcZW0NjoeiYuOKWEt_I2qYWyzZk_6BvOcrZxBe-BM4qT-xEWhLKvMlJIObIyFNMcIjNZroZIuUKw2PDgQ~~\"><strong>subscribe to Compliance Alliance\u2019s email newsletters<\/strong><\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q:\u00a0Are banks required to report SBA Paycheck Protection Program (PPP) loans to the credit bureaus? I thought that SBA 7(a) loans are required to be reported, but I don\u2019t know if this extends to PPP loans. A:\u00a0You are right that there is a general requirement to report SBA loans.\u00a0That being said, this requirement was not specifically cross referenced in the PPP rules, so it\u2019s currently still not clear whether this requirement extends to PPP loans. While the intent does not appear to be to require institutions who currently do not report to begin the reporting process for PPP loans, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[33,23],"tags":[],"class_list":["post-2091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance-qa","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-xJ","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2091"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2091\/revisions"}],"predecessor-version":[{"id":2093,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2091\/revisions\/2093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}