NAFCU
discusses mortgage lending, forbearances with CFPB
Members of NAFCU's
Regulatory Affairs team Monday shared credit union concerns and issues related
to mortgage servicing, forbearances, and periodic statements with the CFPB. NAFCU
previously spoke with CFPB Director Kathy Kraninger to reiterate credit unions'
need for regulatory relief amid the coronavirus.
Additional PPP funding in limbo
The Senate's pro-forma session adjourned Monday with no action taken on efforts
to provide the Small Business Administration's paycheck protection program
(PPP) with more funds. The $349 billion that was originally appropriated for the
program could be fully allocated within the next week based on the pace of applications so far.
NCUA
issues rule to enhance CUs' use of CLF
The NCUA Monday issued
an interim final rule to enhance credit unions' use of the Central Liquidity
Facility (CLF). The CARES Act provided flexibility for credit unions to access
the facility, and this rule adjusts the agency's regulations to supplement the changes made by the legislation.
FAQs:
SBA Programs Under the CARES Act
Questions on the Small Business
Administration's Paycheck Protection Program are answered here.
Compliance
Monitor: CARES Act overview, what CUs need to know when offering loan modifications
The latest edition of NAFCU's Compliance Monitor – a free, member-only
benefit – provides credit unions with an in-depth look at things to consider
while incorporating flexibility in lending policies to help members through the coronavirus pandemic.
New
report warns of stimulus payment fraud
As the Treasury Department and
Internal Revenue Service begin to disperse stimulus payments under the Coronavirus
Aid, Relief, and Economic Security Act (CARES Act), an article from KrebsOnSecurity
warns that the new website to help non-filers could make it easy for thieves to intercept some payments.
NCUA
marks $1.3M of CDRLF for coronavirus assistance
The NCUA Monday announced
that it is committing the majority of the 2020 Community Development Revolving
Loan Fund (CDRLF) to provide coronavirus assistance to low-income credit unions.
It is increasing its original allotment to $1.3 million.
NCUA,
FDIC webinar to provide info on deposit security, potential scams, more
Thursday, the NCUA in collaboration with the Federal Deposit Insurance Corporation
(FDIC) is offering a webinar that credit union members may find helpful as representatives
from both agencies offer tools and tips to help manage household finances during the coronavirus pandemic.
