Bill
to exclude small biz coronavirus recovery loans from MBL cap announced
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
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
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.
FAQs:
SBA Programs Under the CARES Act
Questions on the Small Business
Administration's Paycheck Protection Program are answered here.
NAFCU
urges FCC to expedite declaratory ruling allowing FIs to communicate with members
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
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
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
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
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
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
"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.
