5
things to know on coronavirus
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
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
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.
Download the CARES Act Summary Chart
A section by section breakdown of H.R. 748 highlighting key provisions and
the impact on CUs
Senate
fails to vote on more PPP funding
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
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
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
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
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
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.
