NAFCU
advocates for PPP improvements
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
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
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.
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Town
Hall: NAFCU, CU leaders to offer insights into coronavirus response
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
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
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
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
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.
