Also: Berger updates CUs on efforts, cancellations; Trump declares national emergency as Congress, SBA work on relief



NAFCU TODAY | The News You Need Daily.

March 16, 2020



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This week: NAFCU engaged amid coronavirus uncertainty, working for CUs [ [link removed] ]
Congress is expected to remain in session this week in efforts to reach a deal on a package of measures designed to address concerns surrounding the spread of the coronavirus. NAFCU executives continue to meet daily to assess the situation and communicate updates to members; access the association's resource page on the virus and a new economic brief on its potential impact.


NAFCU's BOD, CEOs conferences canceled; Berger updates CUs on coronavirus efforts [ [link removed] ]
NAFCU's executives have been meeting daily to discuss coronavirus concerns and threats. Given increased uncertainty around the virus, the association has canceled its upcoming Board of Directors and Supervisory Committee Conference – set to take place April 27-30 in San Francisco – and CEOs and Senior Executives Conference – scheduled for May 6-8 in Palm Springs, Calif.


Coronavirus: Trump declares national emergency; Congress, agencies work to provide relief [ [link removed] ]
President Donald Trump Friday declared a national emergency in the wake of the coronavirus. Doing so opens up $50 billion of funding for states and U.S. territories to address the virus, waives several restrictions on hospitals, and more. In addition, Congress continues to work to reach an agreement on emergency funding and the Small Business Administration (SBA) announced disaster relief lending.






Commission data security recommendation aligns with NAFCU's principles [ [link removed] ]
The new Cyberspace Solarium Commission – created under the 2019 National Defense Authorization Act – has released a report that identifies areas of improvement for the federal government's response to a major cyberattack. Of note, one key recommendation aligns with NAFCU's data privacy principles for a comprehensive, national standard.


NAFCU report: CUs outpace banks in small biz lending [ [link removed] ]
Credit unions have stronger loan growth than banks, though the margin is narrowing, according to NAFCU’s fourth-quarter CU Industry Trends report. The report also noted credit unions increase in small business lending continues to grow and currently outpaces banks.


NAFCU cautions FHFA of increased burdens of PACE disclosures [ [link removed] ]
NAFCU Regulatory Affairs Counsel Kaley Schafer reiterated support for the Federal Housing Finance Agency's (FHFA) efforts to protect government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from risks posed by residential property assessed clean energy (PACE) financing, but cautioned against disclosures that could burden financial institutions without adding consumer protections.


NAFCU to OMB: Facilitate and encourage AI innovation [ [link removed] ]
In response to the Office of Management and Budget's (OMB) draft memorandum providing guidance for regulation of artificial intelligence (AI) applications, NAFCU's Andrew Morris noted that although "AI holds promise for credit unions and their members, sustained innovation will depend on regulators’ commitment to facilitate and encourage experimentation."



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