Also: Berger, Calabria talk forbearance impact on CUs; Kraninger supports expedited FCC ruling amid coronavirus



NAFCU TODAY | The News You Need Daily.

April 29, 2020



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NAFCU advocates for PPP improvements [ [link removed] ]
While the Small Business Administration (SBA) reopened the application process for the paycheck protection program (PPP) this week, credit unions and other lenders are continuing to experience issues that are delaying their ability to get funds to small businesses in need. NAFCU is working closely with the SBA and Treasury Department to ensure credit unions' concerns are quickly addressed and yesterday sent a letter urging improvements be made to the E-Tran system used to submit loan applications.


Berger, Calabria talk forbearances, GSE fees [ [link removed] ]
NAFCU President and CEO Dan Berger spoke with Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria Tuesday about the agency's efforts to support mortgage borrowers impacted by the coronavirus and to provide relief to credit unions and other mortgage servicers.


CFPB backs NAFCU call for expedited FCC ruling [ [link removed] ]
CFPB Director Kathy Kraninger Monday sent a letter to Federal Communications Commission (FCC) Chairman Ajit Pai urging the FCC to expedite its declaratory ruling to allow financial institutions to contact consumers on matters related to the coronavirus pandemic during the national emergency.






Town Hall: NAFCU, CU leaders to offer insights into coronavirus response [ [link removed] ]
As the credit union industry works through challenges posed by the coronavirus pandemic, NAFCU is offering a complimentary webinar next week where credit union industry leaders – including NAFCU President and CEO Dan Berger, Arkansas Federal Credit Union President and CEO Rodney Showmar, and Tower Federal Credit Union President and CEO Rick Stafford – will share insights into crisis responses, business continuity planning, and financial sustainability.


5K FIs sued over PPP agent fees [ [link removed] ]
A new class action lawsuit claims lenders are not paying fees to agents who helped borrowers secure loans through the Small Business Administration's paycheck protection program (PPP). The SBA's interim final rule implementing the PPP stipulates that "[a]gent fees will be paid by the lender out of the fees the lender receives from SBA."


NAFCU details NCUA PPP rules in new alert to CUs [ [link removed] ]
Earlier this month, the NCUA Board approved an interim final rule to make conforming amendments to capital adequacy rules consistent with the CARES Act. Under the rule, paycheck protection program loans will receive a zero percent risk weighting under the NCUA's risk-based net worth requirement. NAFCU outlines what credit unions should know regarding the rule in a new Final Regulation Alert.


SIF Committee to receive NCUA update on CLF changes [ [link removed] ]
NAFCU's Share Insurance Fund (SIF) Committee meets today and members will hear directly from NCUA Central Liquidity Facility (CLF) President Owen Cole about the agency's interim final rule to facilitate access to the CLF. The NCUA issued the interim final rule earlier this month to provide relief in response to the coronavirus pandemic and to implement provisions under the CARES Act.


NAFCU Board election ballots sent today; Schlehuber, DeWitt reelected to board [ [link removed] ]
The official ballots for voting in NAFCU's 2020 board election are being sent to members today. The deadline for returning the ballots is May 13.



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