Also: Banking regulators issue PPP rule after Crapo calls for guidance, relief; Fed injects $2.3T into economy



NAFCU TODAY | The News You Need Daily.

April 10, 2020



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5 things to know on coronavirus [ [link removed] ]
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources related to the coronavirus pandemic.


Banking regulators release PPP rule after Crapo urges action [ [link removed] ]
The federal banking regulators – Federal Reserve, FDIC, and Office of the Comptroller of the Currency – issued an interim final rule for the paycheck protection program (PPP) that modifies capital rules "to neutralize the regulatory capital effects of participating in the Federal Reserve's PPP facility because there is no credit or market risk in association with PPP loans pledged to the facility."


Fed moves to provide $2.3T in loans [ [link removed] ]
The Federal Reserve Thursday announced additional efforts to support the economy amid the coronavirus pandemic, including providing up to $2.3 trillion in loans to households and businesses of all sizes. The Fed has taken several steps to address economic concerns and has committed to using the full range of its authorities.






Senate fails to vote on more PPP funding [ [link removed] ]
The Senate Thursday failed to approve $250 billion in additional funding for the Small Business Administration's (SBA) paycheck protection program (PPP) when Democrats and Republicans objected to each other's proposals. The Senate is expected to return for a pro-forma session Monday where they may try again.


Berger to NGA: Provide CUs relief by extending real property tax deadlines [ [link removed] ]
In a letter to Maryland Gov. Larry Hogan, chairman of the National Governors Association (NGA), NAFCU President and CEO Dan Berger urged the governors to pursue efforts to extend tax payment deadlines. This would create some relief for credit unions as they work to find solutions to lessen the strain on capital and liquidity.


Real estate appraisals, reg relief on NCUA agenda [ [link removed] ]
The NCUA Board Thursday is set to issue two rules related to appraisals: A final rule that would raise the threshold for residential real estate appraisals and an interim final rule to provide other appraisal relief. The board will also issue a temporary final rule to provide regulatory relief in response to the coronavirus pandemic.


6.6M unemployment claims filed in first week of April; consumer sentiment plummets [ [link removed] ]
The Labor Department's initial unemployment claims estimate for the first week of April increased to 6.6 million. Combined with the prior two weeks, total unemployment claims during that span represent over 10 percent of the labor force, though NAFCU Chief Economist and Vice President of Research Curt Long said this probably does not capture the true total of unemployed workers. Rather, the unemployment rate "now likely exceeds 15 percent," Long said.


FHFA OIG report: Further remediation needed in order to end conservatorship [ [link removed] ]
According to a report by the Federal Housing Finance Agency's (FHFA) inspector general, the agency must elevate its ability to regulate government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, before it can release them from conservatorship.


New on the Compliance Blog: Stimulus payment FAQS, PPP, agency resources, more [ [link removed] ]
NAFCU's award-winning Compliance Team is working around the clock to publish new Compliance Blog posts daily, Monday-Friday, to keep credit unions informed of important regulatory updates during the coronavirus pandemic. Here is a roundup of this week's blog posts.



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