Senate
passes additional PPP funding; House expected to vote tomorrow
Lawmakers
in the Senate Tuesday passed a relief package, including over $300 billion in
additional funding for the Small Business Administration's paycheck protection
program (PPP), by voice vote during a pro-forma session. The House is expected
to vote on the package as early as Thursday.
FHFA
heeds NAFCU call for mortgage servicer relief
The Federal Housing Finance
Agency (FHFA) Tuesday announced it will provide a four-month limit on advances
of principal and interest payments for loans in forbearance sold to the government-sponsored
enterprises (GSEs). NAFCU last week discussed with the FHFA credit union concerns
and issues related to mortgage forbearances as the association sought more guidance and relief.
NAFCU,
Harper discuss coronavirus impact on CUs
NAFCU President and CEO Dan
Berger yesterday spoke with NCUA Board Member Todd Harper about how the coronavirus
pandemic is affecting credit unions, steps the industry is taking to support members,
and areas of potential relief to ensure credit unions can effectively address coronavirus-related issues.
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NCUA's
interim final rule on CLF provides flexible access for CUs
Earlier
this month, the NCUA issued an interim final rule to enhance credit unions'
ability to access and use the Central Liquidity Facility (CLF), codifying temporary
changes made by the CARES Act and adopting other, non-expiring improvements. NAFCU
sent members a Final Regulation Alert yesterday highlighting the changes and providing
a breakdown of how the rule impacts credit unions.
NCUA
releases report on diversity, inclusion
The NCUA Monday released its
2019 Office of Minority and Women Inclusion Annual Report that outlines diversity
and inclusion at the agency and within the credit union industry using data from
the voluntary Credit Union Diversity Self-Assessment tool.
How
is coronavirus affecting CUs?
As NAFCU continues to advocate for credit
unions' needs in the wake of the coronavirus pandemic, the association encourages
members to participate in the Economic & CU Monitor survey to further inform these efforts.
Coronavirus
focus of CFPB advisory councils meeting
The CFPB's advisory councils
– including the Credit Union Advisory Council (CUAC) – will hold a joint meeting
via conference call May 1 to discuss the coronavirus' impact on consumers and financial institutions.
NAFCU
expects tumble in existing-home market
Existing-home sales dipped 8.5
percent in March to a seasonally adjusted annual rate of 5.27 million units. Though
this represents a 0.8 percent increase in sales versus a year ago, NAFCU Chief
Economist and Vice President of Research Curt Long said that is unlikely to continue
as social distancing orders keep buyers in their current homes and mass unemployment shakes the economy.
