This
week: NAFCU engaged amid coronavirus uncertainty, working for CUs
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
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
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.
Free Webinar:
Pandemics — What They Mean For You and Your Credit Union
Review
best practices for how your credit union can prepare for a pandemic and learn
how to mitigate risk.
Commission
data security recommendation aligns with NAFCU's principles
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
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
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
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."
