Also: Coronavirus updates you need to know; Thaler calls on House to support CU MBL relief



NAFCU TODAY | The News You Need Daily.

April 24, 2020



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PPP funding clears House, heads to president [ [link removed] ]
The House Thursday passed the relief package that includes over $300 billion in additional funding for the Small Business Administration's paycheck protection program (PPP). The Senate passed the package Tuesday; the president is expected to sign the legislation today.


4 things to know on coronavirus [ [link removed] ]
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources related to the coronavirus pandemic.


NAFCU's Thaler urges House support of MBL relief [ [link removed] ]
NAFCU's Brad Thaler urged House Speaker Nancy Pelosi, D-Calif., and House Minority Leader Kevin McCarthy, R-Calif., to support legislation introduced by Rep. Brad Sherman, D-Calif., 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.






NCUA, FHFA make changes to support small biz [ [link removed] ]
The NCUA Board has approved an interim final rule to ensure paycheck protection program (PPP) loans receive a zero-percent risk weight in the agency's risk-based net worth requirements as required by the CARES Act. In addition, the Federal Housing Finance Agency (FHFA) announced it would allow Federal Home Loan Banks (FHLBs) to accept PPP loans as collateral.


NAFCU, trades offer suggestions for the ULC's data privacy law [ [link removed] ]
NAFCU joined with several organizations to provide information to the Uniform Law Commission (ULC) about the Gramm-Leach-Bliley Act (GLBA) and request that the drafting committee, created by the ULC to create a uniform data privacy and security law, include an exemption for GLBA-covered financial institutions. NAFCU will continue to monitor the committee's efforts and provide feedback on the drafted laws, both in writing and at meetings, to reflect credit unions' needs on this issue.


NCUA, NAFCU offer further guidance on real estate appraisal relief [ [link removed] ]
In a Letter to Credit Unions released this week, the NCUA provided further guidance on rules approved during its April board meeting, including two rules related to real estate appraisals, which will become effective upon publication in the Federal Register.


New on the Compliance Blog: Stimulus payments, appraisals, mortgage servicing [ [link removed] ]
NAFCU's award-winning Compliance Team is working around the clock to publish new Compliance Blog posts daily, Monday-Friday, to keep credit unions informed of important regulatory updates during the coronavirus pandemic. Here is a roundup of this week's blog posts.


New-home sales 'plunge' in March [ [link removed] ]
New-home sales fell to 627,000 units in March – down 15.4 percent from February's revised rate of 741,000 units and 9.5 percent from a year ago. NAFCU Chief Economist and Vice President of Research Curt Long broke down the "dramatic plunge" brought on by the coronavirus pandemic in a new NAFCU Macro Data Flash report.



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