PPP's supplemental rule clarifies some CU questions
The interim final rule from the Small Business Administration (SBA) to implement its paycheck protection program (PPP) published today in the Federal Register. In addition to the rule's text that was previously released, a supplemental version was also published that clarifies some questions credit unions have had related to documents needed for self-employed individuals' income and eligible businesses.

NAFCU's advocacy garners national media attention
As Congress considers additional coronavirus relief legislation, NAFCU's advocacy efforts have garnered attention from the national media. Of note, NAFCU is leading the charge to ensure a portion of potential additional funding for the Small Business Administration's paycheck protection program (PPP) is set aside for credit unions and other community financial institutions.

Coronavirus impact report, economic forecast in latest ECU Monitor
The April edition of the Economic & CU Monitor report – now available for download – includes a report on the impacts of the coronavirus outbreak from NAFCU Chief Economist and Vice President of Research Curt Long and offers insights into the credit union industry's strengths amidst the economic downturn.

FAQs: SBA Programs Under the CARES Act
Questions on the Small Business Administration's Paycheck Protection Program are answered here.

NCUA outlines teleworking risks to CUs
Following NAFCU's discussion last week with the NCUA on its view of managing cybersecurity and privacy risks amid the coronavirus pandemic, the agency Tuesday issued a risk alert for credit unions deploying remote work policies.

GSEs extend URLA implementation to provide industry support
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are extending the implementation timeline for the redesigned Uniform Residential Loan Application (URLA) and automated underwriting systems (AUSs) in an effort to provide additional industry support during the coronavirus pandemic. The new mandate date for the use of the redesigned URLA and AUS specifications is March 1, 2021.

CUs, NAFCU discuss exams, liquidity, coronavirus efforts
NAFCU's Regulatory Committee yesterday discussed ongoing congressional and regulatory efforts to address the coronavirus pandemic. NAFCU remains active in Washington to keep decision makers informed of the industry's needs as credit unions work to keep up with changes and ensure safe, affordable products and services are available to members.

New webinar updates CUs on ACH network
In the midst of increased uncertainty and disruption, the ACH Network is operating normally thanks to the hard work of financial institutions. During a free NAFCU webinar Friday, credit unions will have the opportunity to ask Nacha questions and hear how the network is making adjustments to accommodate an increase in processing.