PPP
funding clears House, heads to president
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
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
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.
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NCUA,
FHFA make changes to support small biz
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
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
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
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
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.
