This
week: NAFCU continues fight for CU relief in Phase 4 coronavirus package
As the industry's Washington Watchdog, NAFCU is committed to advocating for
credit union priorities to Congress, regulators, and other decision makers as
coronavirus relief measures are pursued. The association aims to keep credit unions
informed of regulatory updates and aware of possible operational impacts so that
they may continue to withstand the coronavirus pandemic.
PPP
insights shared in new Lending Network post
NAFCU Regulatory Affairs
Counsel Kaley Schafer is giving members an inside-look at the Small Business Administration's
(SBA) paycheck protection program (PPP) – including help accessing lender portals,
what promissory notes are accepted, and updated forms, guidance, and FAQs –
in a new post on the association's member-only online Lending Network.
NAFCU's
LaBerge details NCUA's view on managing teleworking risk
Following
NAFCU's discussion with the NCUA's Johnny E. Davis on cybersecurity
and privacy risks during the coronavirus pandemic, NAFCU Senior Regulatory Counsel
Elizabeth LaBerge provided insights into the group's discussion in a new
post on the member-only Compliance, Risk & BSA Network.
FAQs: SBA Programs Under the CARES Act
Questions on the Small Business Administration's Paycheck Protection Program
are answered here.
CFPB provides remittance relief
The CFPB issued a policy statement suspending supervisory and enforcement action
against certain remittance transfer providers under the temporary fee and exchange
rate exception. The bureau provided the relief amid the coronavirus pandemic in
order to "enable insured institutions to continue to focus on the immediate
needs of their customers" who may be sending money to family or friends in other countries.
Treasury,
IRS launch stimulus payment tool for non-filers
The Treasury Department
and Internal Revenue Service Friday launched a new web portal, the non-filer tool,
to help those who don't normally file a tax return register for the stimulus
payments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The agencies also announced that automatic payments are set to begin this week.
NAFCU
webinars tackle economy, risk, more
As credit unions seek resources
to help them manage day-to-day operations and stay on top of the changing regulatory
environment amid the coronavirus pandemic, NAFCU is committed to providing the
best education opportunities via online learning.
Inflation
drops in March; Low demand will cause further slide
On a seasonally-adjusted
basis, overall consumer prices fell 0.4 percent in March after a slight rise in
February – the largest one-month drop since 2015. The Bureau of Labor Statistics
(BLS) reported that the overall consumer price index (CPI) grew 1.5 percent over the 12-month period.
