Money Talk: SBA seeking nominations for annual awards

SBA SEEKING NOMINATIONS FOR ANNUAL AWARDS: The Small Business Administration is accepting nominations for the 2016 National Small Business Week Awards. All nominations must be submitted online, postmarked or hand-delivered to the nearest SBA District Office no later than 3:00 p.m. ET on January 11, 2016. Winners will be announced during National Small Business Week, May 1-7, 2016. Nominations are currently being accepted online here.

ALLSTATE TESTING DRONES AS TOOL FOR PROPERTY CLAIMS: Insurance giant Allstate recently announced it has been participating in tests of drone flights to use as “an innovative tool” for property claims following years of independent research and development. Allstate said it has been working with EagleView Technologies to test drone flights that could soon deliver an innovative solution to the claims process, part of a major shift for the insurance industry as it embraces drone technology to further improve customer service.

Separately, Allstate said it has joined the Property Drone Consortium, which earlier this year received approval from the FAA to use drones for further research that can help expedite the assessment of exterior property, like roof damage. The consortium also plans to continue its research on safety, including collision avoidance, visual line of sight and many additional areas with drones. To learn more, click here.

SEC ISSUES STAFF REPORT ON ‘ACCREDITED INVESTOR’ DEFINITION: The Securities and Exchange Commission has issued a staff report on the “accredited investor” definition. The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the Commission to review the accredited investor definition every four years to determine whether the definition should be modified or adjusted. The report examines the history of the accredited investor definition and considers comments on the definition received from a variety of sources, including public commenters, the Investor Advisory Committee and the Advisory Committee on Small and Emerging Companies. The report considers alternative approaches to defining “accredited investor.”

FEDERAL BANKING AGENCIES ISSUE STATEMENT ON ‘PRUDENT’ RISK MANAGEMENT FOR CRE LENDING: The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the agencies) have jointly issued a statement to remind financial institutions of existing regulatory guidance on prudent risk management practices for commercial real estate (CRE) lending activity through economic cycles. Financial institutions have been reminded to maintain underwriting discipline and exercise prudent risk-management practices to identify, measure, monitor, and manage the risks arising from CRE lending. The statement reinforces existing guidance for CRE risk management and contains a table that lists interagency regulations and guidance related to CRE lending activities.