CUs'
PPP frustrations voiced in national media
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
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
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.
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NAFCU
writes Treasury on payroll tax credit eligibility
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
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
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
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
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.
