OCC clarifies rules regarding withdrawals from CIFs

This story appeared in Bank Digest.

The Special Inspector General for Pandemic Recovery (SIGPR), created by the CARES Act, has submitted a 60-day report, highlighting the work of the Office of Investigations. The report included three recommendations: the Treasury Department has already agreed to the first and will include SIGPR in the list of entities entitled to “timely and unrestricted access” to information from the borrower; SIGPR also recommended that Congress take up the Special Inspector General for Pandemic Recovery Expedited Hiring Authorities Act of 2020 (S. 3751), sponsored by Senator Grassley; and that Congress consider the various CARES Act relief programs, how they overlap, whether the overlap is in the public interest, and whether legislative clarification is warranted.