PPP updates for CUs to know
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
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
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.
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Groups
echo NAFCU's call against expanding Durbin Amendment
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
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
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.
