NAFCU
answers FAQs as SBA launches paycheck protection program
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
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
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).
Download
the CARES Act Summary Chart
A section by section breakdown of H.R.
748 highlighting key provisions and the impact on CUs
PPP
webinar now open for registration
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
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
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.
