Today:
Congress works toward additional relief package
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
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
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.
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This Week:
Allowance for loan losses, loan modifications due to
COVID-19, FFCRA, and More!
Banks face lawsuits related to PPP
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
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
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
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.
