Also: NAFCU advocacy ready as Washington sets sights on Phase 4 relief; FinCEN suspends CTR ruling amid coronavirus
NAFCU TODAY | The News You Need Daily.
April 6, 2020
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NAFCU answers FAQs as SBA launches paycheck protection program [ [link removed] ]
As the Small Business Administration (SBA) released an interim final rule to implement the $349 billion paycheck protection program created under the CARES Act, NAFCU answered FAQs on the program and what it means for credit unions.
This week: NAFCU keeps eye on Washington, updates CUs [ [link removed] ]
NAFCU continues to keep credit unions informed of the latest developments out of Washington related to the coronavirus pandemic and how these efforts will impact operations, updating and releasing new resources daily. Congress is not expected to return to Washington until April 20, but lawmakers are hard at work outlining priorities for a Phase 4 relief package.
FinCEN provides some relief amid coronavirus [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) Friday released updated information to provide some relief as financial institutions work through issues caused by the coronavirus. Of note, the agency is suspending its February ruling related to currency transaction reports (CTRs).
PPP webinar now open for registration [ [link removed] ]
NAFCU is offering a free webinar tomorrow to help credit unions better understand the process for offering loans through the Small Business Administration's new paycheck protection program (PPP) created by the CARES Act.
Latest Compliance Blog post offers FAQs on stimulus payments [ [link removed] ]
In a new post on the Compliance Blog, NAFCU Regulatory Compliance Specialist Alma Calcano answers frequently asked questions regarding direct payments received via direct deposit or check as part of relief measures in the CARES Act.
March jobs report reflects coronavirus impacts; NAFCU expects a bumpy recovery [ [link removed] ]
With 701,000 jobs lost in March, NAFCU Chief Economist and Vice President of Research Curt Long notes that, as forecasts worsen, “credit unions should be prepared for a bumpy and tepid recovery.” Additionally, the unemployment rate rose to 4.4 percent – the largest month-over-month increase in the rate since January 1975.
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