Also: Association flags consequences of mortgage forbearances on industry, further details relief from Reg D



NAFCU TODAY | The News You Need Daily.

April 2, 2020



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NAFCU calls on SBA to clarify coronavirus relief eligibility for CUs [ [link removed] ]
NAFCU is calling on the Small Business Administration (SBA) to clarify eligibility for loans under the new paycheck protection program created by the CARES Act for federally-insured credit unions (FICUs) as they – just like other small businesses – "are facing difficult staffing and payroll decisions" in the wake of the coronavirus.


Berger to Calabria: Protect CUs, mortgage industry from forbearance distress [ [link removed] ]
As Congress and the Federal Housing Finance Agency (FHFA) work to ensure the safety and well-being of consumers through mortgage forbearance options during the coronavirus pandemic, NAFCU President and CEO Dan Berger raised concerns to FHFA Director Dr. Mark Calabria about the consequences of these forbearances on credit unions and the mortgage industry as a whole.


Fed's interim final rule on Reg D provides flexibility for CUs [ [link removed] ]
Last month, the Federal Reserve published an interim final rule to lower reserve ratios on transaction accounts maintained at depository institutions to zero percent, providing flexibility to credit unions under the Regulation D limit. NAFCU sent members a Final Regulation Alert yesterday with important updates on this issue and reminded credit unions that they can submit comments on the rule to the Fed until May 26.






Compliance FAQs address paid leave requirements [ [link removed] ]
As institutions work to implement the Emergency Paid Leave Act and Emergency Family and Medical Leave Expansion Act, enacted as part of the Phase 2 coronavirus relief package, NAFCU's Compliance Team has developed frequently asked questions (FAQs) to address credit union-specific concerns.


CFPB updates credit reporting requirements during coronavirus [ [link removed] ]
The CFPB has released a policy statement outlining credit reporting company and furnisher responsibilities during the coronavirus pandemic. The statement offers guidance on a provision of the CARES Act that directs lenders to report a credit account as current if the consumer has sought payment relief related to difficulties caused by the national emergency, as well as on supervision and dispute handling.


FCC mandates STIR/SHAKEN implementation [ [link removed] ]
The Federal Communications Commission (FCC) Tuesday issued a report and order to require voice service providers to implement STIR/SHAKEN – a caller identification framework meant to target illegal robocalls – by June 30, 2021. The FCC issued a declaratory ruling to allow call blocking in June 2019 and encouraged providers to adopt STIR/SHAKEN.


NCUA bans 3 from future work in FIs [ [link removed] ]
The NCUA in March issued one prohibition notice and two prohibition orders, which bar individuals previously associated with credit unions from any future participation in the affairs of a federally insured financial institution.



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