NAFCU's Berger calls on NCUA to provide CUs with immediate relief
NAFCU President and CEO Dan Berger, in a new op-ed in Credit Union Journal, encouraged the NCUA to take immediate action to provide credit unions with much needed relief in the wake of the coronavirus pandemic. Berger specifically asked the regulator to ensure credit unions receive capital relief and relief from burdensome examinations, citing measures to reduce burdens on community banks in the CARES Act.

Berger outlines additional CU relief measures to Congress
As lawmakers begin work on a Phase 4 coronavirus relief package, NAFCU President and CEO Dan Berger Tuesday wrote to congressional leadership outlining relief measures that NAFCU and credit unions would like to see included in future legislation.

NCUA, SBA address CUs' PPP concerns
The NCUA and Small Business Administration (SBA) Tuesday hosted a joint conference call to review guidance and expectations of the new paycheck protection program as credit unions participating as lenders begin to receive and submit loan applications for members.

Download the CARES Act Summary Chart
A section by section breakdown of H.R. 748 highlighting key provisions and the impact on CUs

NCUA clarifies CUs' PPP expectations, highlights relevant CARES Act provisions
The NCUA said it will not criticize credit unions' good faith efforts to prudently use the Small Business Administration's (SBA) paycheck protection program in order to provide relief to members affected by the coronavirus in a Letter to Credit Unions yesterday. Since the application process opened Friday, several financial institutions – including credit unions – have had difficulties accessing the required systems and submitting program paperwork.

FI regulators revise guidance on TDRs
The NCUA yesterday joined with other federal and state regulators to release a revised interagency statement encouraging financial institutions to work constructively with borrowers impacted by the coronavirus and providing additional information regarding loan modifications. The revised statement also clarified interactions between the original interagency statement released last month and the temporary relief provided by the CARES Act.

FBI warns of increased BEC scams
"Fraudsters will take advantage of any opportunity to steal your money, personal information, or both. Right now, they are using the uncertainty surrounding the COVID-19 pandemic to further their efforts," the FBI warned in a release as it sees a rise in business email compromise (BEC) scams.

Don't forget: Coronavirus resources at the ready
Credit unions' operating environment is changing almost daily amid efforts to address the coronavirus' impact on consumers, businesses, and financial institutions. As regulators, lawmakers, and others work to provide relief, NAFCU is consistently communicating changes to members and updating its coronavirus resources.