Also: NAFCU, McWatters discuss options for CU relief; Trades urge CFPB to delay QM rulemaking



NAFCU TODAY | The News You Need Daily.

April 21, 2020



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Today: Congress works toward additional relief package [ [link removed] ]
Congressional leaders continue to work toward an agreement with Treasury Secretary Steven Mnuchin in order to move additional funding for the Small Business Administration's paycheck protection program (PPP) forward. Reports last evening indicated that a deal could be close. The program's original $349 billion was depleted last week, and NAFCU continues to urge Congress to swiftly provide more funds to ensure credit unions can loan to small businesses in need.


NAFCU, McWatters talk capital, MBL relief [ [link removed] ]
NAFCU President and CEO Dan Berger spoke with NCUA Board Member J. Mark McWatters Monday to discuss issues facing credit unions amid the coronavirus pandemic and ways in which the NCUA can aid the industry, including through capital relief.


NAFCU, trades urge CFPB to delay QM rulemaking [ [link removed] ]
NAFCU, along with nine other organizations, urged CFPB Director Kathy Kraninger to delay the bureau's rulemaking on the definition of qualified mortgage (QM) in the wake of the ongoing coronavirus pandemic. The CFPB has previously indicated it will soon release a proposal to amend its qualified mortgage (QM) rule no later than May 2020.






Banks face lawsuits related to PPP [ [link removed] ]
Several banks have had class action lawsuits filed against them as borrowers allege mishandling of applications under the Small Business Administration's (SBA) paycheck protection program (PPP).


NAFCU Annual Conference canceled [ [link removed] ]
As cases of coronavirus continue to rise and uncertainty remains, NAFCU has canceled its 53rd Annual Conference and Solutions Expo, scheduled to take place June 23-26 in Vancouver, Canada. NAFCU's executives meet daily to discuss the pandemic and are taking steps to ensure credit unions remain safe, operational, and informed of developments.


NAFCU details CFPB rule on prepaid cards [ [link removed] ]
Earlier this month, the CFPB issued an interpretive rule to clarify that government benefits under the Electronic Fund Transfer Act (EFTA) and Regulation E do not include assistance or economic impact payments related to the coronavirus pandemic. NAFCU outlines what credit unions should know regarding the clarification in a new Final Regulation Alert.


CU CEOs: New Salary Comparison Report available [ [link removed] ]
NAFCU's annual Salary Comparison Report is now available for download exclusively for NAFCU-member credit union CEOs. The report, which has been updated with newly-released 2019 wage data, provides local salary information for financial institution jobs across the country.



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