5
things to know: Coronavirus edition
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
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
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."
Compliance-Related
FAQs Regarding COVID-19
Questions on how the coronavirus pandemic
impacts credit unions are answered here
FI
regulators promote small-dollar lending to support coronavirus recovery
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
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
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
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.
