NAFCU
calls on SBA to clarify coronavirus relief eligibility for CUs
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
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
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.
Updated
Compliance-Related FAQs Regarding COVID-19
Questions on how the
coronavirus pandemic impacts credit unions are answered here
Compliance
FAQs address paid leave requirements
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
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
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
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.
