Also: NAFCU urges more exam, reg relief from NCUA; CFPB grants reprieve for HMDA reporting, more



NAFCU TODAY | The News You Need Daily.

March 27, 2020



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5 things to know: Coronavirus edition [ [link removed] ]
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources related to the coronavirus pandemic.


Berger calls for exam relief, further reg adjustments from NCUA [ [link removed] ]
Amid impact from the coronavirus outbreak, NAFCU President and CEO Dan Berger Thursday urged the NCUA to cease all examination activity and make other regulatory adjustments that would alleviate strict compliance requirements currently in place for credit unions.


CFPB grants reporting relief for HMDA, certain accounts [ [link removed] ]
The CFPB yesterday announced it "will not expect quarterly information reporting by certain mortgage lenders as required under the Home Mortgage Disclosure Act (HMDA) and Regulation C" as well as "reporting of certain information related to credit card and prepaid accounts under the Truth in Lending Act, Regulation Z, and Regulation E."






FI regulators promote small-dollar lending to support coronavirus recovery [ [link removed] ]
Federal financial institution regulators, including the NCUA, are encouraging financial institutions to offer small-dollar loans to consumers and small businesses impacted by the coronavirus pandemic. The regulators continue to meet regularly to address coronavirus-related challenges; earlier this week, they addressed potential delays to call report filings.


NCUA chairman to join NAFCU Q1 member call on coronavirus, regulatory updates [ [link removed] ]
NCUA Chairman Rodney Hood will join NAFCU President and CEO Dan Berger on the association's Q1 Member Call-In happening Tuesday to provide members with important agency updates. The call – set to begin at 4 p.m. Eastern – will also feature updates on the Senate Phase 3 coronavirus relief package, the CARES Act, from Executive Vice President of Government Affairs and General Counsel Carrie Hunt and other senior staff.


NAFCU's Long: Initial unemployment claims soar, consumer spending bolsters Q4 GDP growth [ [link removed] ]
Initial unemployment claims reached 3.2 million last week according to data released by the Department of Labor – more than 4 times the previous all-time high for a single week. NAFCU Chief Economist and Vice President of Research Curt Long called the number "shocking," despite falling in line with expectations.


NCUA's streamlined CDFI application round open until May 31 [ [link removed] ]
Federally insured, low-income credit unions can apply to become certified Community Development Financial Institutions (CDFIs) through the NCUA's streamlined application process starting Sunday through May 31. The program guide to apply is available here.



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