Berger,
during call with CFPB's Kraninger, urges reg relief
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
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
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.
Download
the CARES Act Summary Chart
A section by section breakdown of H.R.
748 highlighting key provisions and the impact on CUs
FASB
delays leases standard, no discussion on CECL
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
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
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."
