Also: Treasury, SBA update PPP FAQs as Senate considers more money; NAFCU monitoring mortgage servicing concerns
NAFCU TODAY | The News You Need Daily.
April 9, 2020
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Berger, during call with CFPB's Kraninger, urges reg relief [ [link removed] ]
NAFCU President and CEO Dan Berger and Executive Vice President of Government Affairs and General Counsel Carrie Hunt spoke with CFPB Director Kathy Kraninger and other bureau senior staff Wednesday to reiterate credit unions' need for regulatory relief amid the coronavirus. Berger has maintained close communication with regulators and Congress throughout the pandemic to share what credit unions are experiencing and how Washington can help them better serve members in need.
PPP FAQs updated; Senate prepares to vote on more funding [ [link removed] ]
The Small Business Administration (SBA) and Treasury Department have updated their FAQs related to the paycheck protection program to further clarify that lenders can use their own promissory note and must make the first disbursement to the borrower within 10 calendar days of loan approval.
NAFCU gets insights into mortgage lending, forbearances amidst coronavirus [ [link removed] ]
As Americans seek mortgage relief in the wake of the coronavirus pandemic, NAFCU has shared concerns about increased forbearance requests negatively impacting credit unions and is working to obtain support from regulators. Yesterday, NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar attended a virtual Women in Housing Finance event on how lenders are serving mortgage customers in the midst of the coronavirus emergency and navigating the updated provisions provided by the CARES Act.
FASB delays leases standard, no discussion on CECL [ [link removed] ]
The Financial Accounting Standards Board (FASB) met Wednesday to discuss the deferral of two accounting standards – revenue from contracts with customers (Topic 606) and leases (Topic 842). The board did not discuss requests to defer its current expected credit loss (CECL) standard, currently set to take effect for credit unions in 2023.
FOMC minutes reflect economic uncertainty surrounding coronavirus [ [link removed] ]
Members of the Federal Open Market Committee (FOMC) – the Federal Reserve's monetary policy-setting arm – agreed that the coronavirus would have near-term effects on economic activity and pose risks to the economic outlook as it voted to lower the federal funds rates, according to minutes from the committee's March videoconference meeting.
Consumer credit rises in February; NAFCU expects major slowdown through 2020 [ [link removed] ]
A NAFCU Macro Data Flash report highlights new data from the Federal Reserve showing total consumer credit rose 6.4 percent in February at a seasonally-adjusted, annualized rate – its highest level since July – and is up 4.5 percent from a year ago. However, NAFCU's Curt Long said these balances "are expected to fall over the next few months as the economy goes into freefall."
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