Also: NCUA examiners to reach out to CUs on coronavirus May 4-18; SBA releases more rules, FAQs on PPP



NAFCU TODAY | The News You Need Daily.

April 30, 2020



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CUs' PPP frustrations voiced in national media [ [link removed] ]
With the Small Business Administration's (SBA) payment protection program (PPP) entering the fourth day of its reboot, credit unions across the country have spoken out about their frustrations with the rollout and corresponding technical glitches.


NCUA to CUs: Examiners will reach out May 4-18 [ [link removed] ]
The NCUA issued a Letter to Credit Unions Wednesday letting credit unions know examiners will be reaching out May 4-18 to discuss the impact the coronavirus is having on operations and members. NAFCU has requested that the NCUA provide additional examination flexibility to ensure credit unions can focus on helping members during the pandemic.


New SBA PPP, CFPB rules for CUs to be aware of [ [link removed] ]
As credit unions work to secure paycheck protection program (PPP) loans for small businesses in their community and provide financial assistance for members impacted by the coronavirus pandemic, there are several new updates and resources for credit unions to be aware of.






NAFCU writes Treasury on payroll tax credit eligibility [ [link removed] ]
NAFCU President and CEO Dan Berger Wednesday sent a letter to Treasury Secretary Steven Mnuchin regarding federal credit union eligibility for the payroll tax credit received under the paid sick leave and paid family medical leave provisions of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).


NAFCU, trades seek more guidance on EIPs [ [link removed] ]
NAFCU joined with seven other financial industry trade groups Wednesday to seek additional guidance from the Treasury Department on handling economic impact payments (EIPs) provided by the CARES Act.


Fed maintains target rate, suggests long road to economic recovery [ [link removed] ]
Yesterday, the Federal Open Market Committee (FOMC) held its April committee meeting and maintained the federal funds target rate range of 0 to 0.25 percent. NAFCU Chief Economist and Vice President of Research Curt Long said credit unions should "plan for an extended period with a zero benchmark rate and low yields across the curve."


Consumer data compromised in smart parking vendor ransomware attack [ [link removed] ]
A smart parking meter vendor operating in cities all over the world experienced a ransomware attach that exposed bank statements and card numbers of consumers.


Q1 GDP estimate reveals coronavirus' early economic effects [ [link removed] ]
U.S. economic growth shrank by 4.8 percent in the first quarter according to the Commerce Department's initial estimate. NAFCU Chief Economist and Vice President of Research Curt Long noted the release is the "first preview into the economic effects" of the coronavirus pandemic, which are expected to be more prevalent in the second quarter.



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