PPP
set to reopen with more funds
The Small Business Administration's
(SBA) paycheck protection program (PPP) is set to reopen today at 10:30 a.m. Eastern
as President Donald Trump Friday signed the relief package that provides $320
billion additional funds to the program. In a win for credit unions, a portion
of the funds have been set aside for smaller lenders to help them serve small businesses in their communities.
Fed
heeds NAFCU's call to eliminate Reg D transaction limit
The Federal
Reserve Friday issued an interim final rule to amend Regulation D and remove the
six-per-month transaction limit on transferring between savings and checking accounts.
NAFCU has long recommended that it be eliminated.
This
week: SBA's PPP expected to reopen; NAFCU monitoring MBL relief efforts
Following the passage of $320 billion in new funding for the Small Business Administration's
(SBA) paycheck protection program (PPP), the program will reopen today at 10:30
a.m. Eastern. Since the launch of the program, NAFCU has been leading the way
to ensure credit unions have all the resources needed to effectively participate in the program.
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No
plans for Fed to create mortgage servicer facility, says Mnuchin
Treasury
Department Secretary Steven Mnuchin said the Federal Reserve doesn't plan
to create a facility to support nonbank mortgage servicers. NAFCU has urged the
Federal Housing Finance Agency (FHFA) to take steps to support mortgage servicers,
including credit unions, that could be negatively impacted by increased forbearance
requests as a result of the coronavirus.
Fed
adjusts intraday credit procedures to increase credit availability
The Federal Reserve Board last week announced temporary actions intended to increase
the availability of intraday credit extended by the Federal Reserve Banks on both
a collateralized and uncollateralized basis.
NCUA's
temporary final rule offers reg relief for CUs
Earlier this month,
the NCUA Board approved a temporary final rule modifying certain regulatory requirements
to help ensure that federally insured credit unions (FICUs) may be operational
and liquid during the coronavirus pandemic. Following the rule becoming effective
April 21, NAFCU sent members a Final Regulation Alert highlighting the relief provided by the temporary rule.
