Also: NAFCU calls on Congress to provide more PPP funding; Appraisals, reg relief on NCUA's agenda today



NAFCU TODAY | The News You Need Daily.

April 16, 2020



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Bill to exclude small biz coronavirus recovery loans from MBL cap announced [ [link removed] ]
A bipartisan group of representatives Wednesday announced, in a letter to colleagues, a bill that would provide a three-year exemption from the credit union member business lending (MBL) cap for loans made to small businesses as they recover from coronavirus national emergency.


NAFCU reiterates need for additional PPP funding, CU access to funds [ [link removed] ]
To ensure credit unions are able to provide loans to members in need through the Small Business Administration's (SBA) paycheck protection program, NAFCU Vice President of Legislative Affairs Brad Thaler again called on Congress to set aside a portion of additional funds for credit unions.


NCUA relief for appraisals, other regs expected today [ [link removed] ]
The NCUA Board meets today and on its agenda are several measures to provide relief – for appraisals and other regulations – to credit unions amid the coronavirus pandemic. It will also receive a briefing on the Central Liquidity Fund (CLF), which credit unions now have easier access to as a result of an interim final rule released earlier this week.






NAFCU urges FCC to expedite declaratory ruling allowing FIs to communicate with members [ [link removed] ]
In a follow-up to a previously filed petition, NAFCU's Elizabeth LaBerge Wednesday urged the Federal Communications Commission (FCC) to expedite efforts to ensure financial institutions can contact consumers on matters related to the coronavirus pandemic during the national emergency.


Today: Free NAFCU webinar to provide updates on the SBA's PPP [ [link removed] ]
Today, NAFCU is offering a free webinar on the current status of the Small Business Administration's (SBA) paycheck protection program (PPP). The webinar, set to begin at 2:00 p.m. Eastern, will also answer frequently asked questions, detail updated SBA guidance and provide clarity for both financial institutions and borrowers.


BSA examination manual updated [ [link removed] ]
The Federal Financial Institutions Examination Council (FFIEC), which includes the NCUA, Wednesday released an update to its Bank Secrecy Act (BSA)/anti-money laundering (AML) examination manual. These updates have been in the works and are not in response to the coronavirus pandemic.


NAFCU launches network for CU marketing professionals [ [link removed] ]
As credit unions work to mitigate the effects of the coronavirus pandemic, NAFCU has launched a new online community to support its members' marketing and growth efforts – the NAFCU Marketing and Growth Network. The free, exclusive online environment is designed to connect credit union staff with fellow industry professionals in similar roles to discuss issues, share ideas and access peer and expert resources, including exclusive content from NAFCU.


NAFCU's Long on CUbroadcast: Expect a tepid economic recovery [ [link removed] ]
With new unemployment claim figures to be released this morning, NAFCU Chief Economist and Vice President of Research Curt Long joined CUbroadcast to share his latest economic insights. 


Fed's Beige Book shows sharp economic decline due to coronavirus   [ [link removed] ]
The Federal Reserve's Beige Book released Wednesday showed the U.S. economy saw a sharp decline in all regions in recent weeks as a result of the coronavirus pandemic. NAFCU's Curt Long noted that this "confirms not only widespread impact on employment and economic activity, but also a sizable loss of confidence."


Retail sales plummet in March [ [link removed] ]
"Retail sales plummeted [in March] as the effects of COVID-19 shutdowns reverberate through the economy," said NAFCU Chief Economist and Vice President of Research Curt Long in a new NAFCU Macro Data Flash report. Total retail sales dropped 8.7 percent during the month, following February's 0.4 percent fall.



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