Also: Association calls for parity with banks, advocates against harmful provisions in coronavirus relief efforts



NAFCU TODAY | The News You Need Daily.

March 23, 2020



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This week: NAFCU pushes for CU relief as Washington addresses coronavirus [ [link removed] ]
NAFCU's award-winning advocacy team is actively engaged with policymakers in Washington as Congress and regulators work to address issues posed by the coronavirus pandemic. The Senate remains in session to hash out details of Phase 3 of emergency funding provisions, while the House continues to work from home districts until they need to return to vote.


NAFCU calls for more CU relief, parity with banks in coronavirus packages [ [link removed] ]
NAFCU through the weekend aggressively lobbied Capitol Hill and the Trump administration as negotiations related to Phase 3 of coronavirus relief – the CARES Act – continued. Yesterday, NAFCU President and CEO Dan Berger sent a letter to congressional leadership urging that any resources provided to banks in relief efforts are also provided to credit unions and reiterated specific areas of relief for credit unions.


NAFCU advocates against extending Durbin Amendment, other efforts that could harm CUs [ [link removed] ]
As various options to address the economic and health concerns of the coronavirus are considered by lawmakers in emergency aid packages, NAFCU is advocating against all that could harm the credit union industry. Of note, the association is currently pushing back against attempts from some trade groups to extend the Durbin Amendment of the Dodd-Frank Act – which places a price cap on interchange fees on debit card transactions – to credit cards.






When CUs become heroes [ [link removed] ]
As the white hats of the financial services industry, it is credit unions' core mission to provide safe, affordable financial products and services to those in need. Especially in times of crisis – whether it be a government shutdown, hurricane or wildfire, or pandemic – credit unions are proactive in finding ways to support those who are impacted.


NAFCU's Berger tells Congress how CUs are helping, outlines steps Congress can take [ [link removed] ]
NAFCU President and CEO Dan Berger Friday provided an update on how the credit unions are working with their members and how Congress can help them in the midst of the coronavirus pandemic in a letter to House Financial Services Committee Chairwoman Maxine Waters, D-Calif., subcommittee leadership, and both chambers of Congress.


ECU Monitor: NAFCU forecasts negative GDP growth, unemployment rise [ [link removed] ]
The March edition of the Economic & CU Monitor report – now available for download – includes an economic forecast from NAFCU Chief Economist and Vice President of Research Curt Long anticipating negative GDP growth for the year and a 6 percent rise in unemployment, on average, for the year.


CFPB releases debt collection practices report, extends comment period [ [link removed] ]
The CFPB Friday released its 2020 Fair Debt Collection Practices ACT (FDCPA) Annual Report published by the bureau and the Financial Trade Commission (FTC) outlining the agencies' efforts to stop unlawful debt collection practices. The bureau also announced a NAFCU-sought extension of the comment deadline for its supplemental time-barred debt proposal to June 5.


NCUA's annual report highlights agency performance, NAFCU-supported wins for CUs, more [ [link removed] ]
The NCUA Friday released its 2019 Annual Report, which provides credit unions with details on the agency's progress on policy initiatives, financial standing and expected challenges in the year ahead.


February existing-home sales jump; NAFCU expects drop coming [ [link removed] ]
Existing-home sales jumped 6.5 percent in February to a seasonally adjusted annual rate of 5.77 million units, which represents a 7.2 percent increase in sales versus a year ago. In response, NAFCU Chief Economist and Vice President of Research Curt Long said this performance reversed January's decline and put 2020 off to a solid start in a new Macro Data Flash report. 



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