Also: NAFCU, Treasury discuss PPP, capital, forbearances; Fed's Reg D relief explained in new alert
NAFCU TODAY | The News You Need Daily.
April 28, 2020
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PPP updates for CUs to know [ [link removed] ]
As the Small Business Administration (SBA) reopened the application and approval processes for paycheck protection program (PPP) loans Monday, there are several updates for credit unions to be aware of.
NAFCU, Treasury discuss CU concerns [ [link removed] ]
Members of NAFCU's Regulatory Affairs Team Monday discussed with the Treasury Department credit union concerns regarding a number of issues, including the Small Business Administration's (SBA) Paycheck Protection Program (PPP), capital relief, and forbearances.
NAFCU provides insights on Fed's Reg D relief [ [link removed] ]
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 and sent members a Final Regulation Alert highlighting the relief provided by the interim rule.
Groups echo NAFCU's call against expanding Durbin Amendment [ [link removed] ]
More than a dozen advocacy groups sent a letter to President Donald Trump, Senate Majority Leader Mitch McConnell, R-Ky., and House Speaker Nancy Pelosi, D-Calif., echoing NAFCU's efforts to push back against attempts to extend the Durbin Amendment of the Dodd-Frank Act – which places a price cap on interchange fees on debit card transactions – to credit cards in the wake of the coronavirus pandemic.
NCUA to award $125K in mentoring grants to MDIs [ [link removed] ]
The NCUA Monday announced the agency is offering $125,000 in mentoring grants to small, low-income credit unions designated as minority depository institutions (MDIs). Eligible credit unions may apply from May 1 through June 30.
NAFCU monitoring FOMC meeting; no rate change expected [ [link removed] ]
The Federal Open Market Committee (FOMC) begins its April two-day, monetary policy-setting meeting today. The federal funds target rate range of 0 to 0.25, lowered during the March meeting, is expected to be maintained at its current level until the committee is confident that the economy has weathered recent events.
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