Also: Berger talks CU concerns with lawmakers; The latest on PPP



NAFCU TODAY | The News You Need Daily.

May 4, 2020



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This week: Senate returns, NAFCU keeps foot on Washington throttle [ [link removed] ]
Lawmakers in the Senate are expected to return to Washington today to continue discussions on phase four of coronavirus relief efforts. Members of the House remain in their home districts. NAFCU, as the credit union industry's Washington watchdog, will continue its bold advocacy efforts by engaging with lawmakers and regulators.


Berger shares CU PPP perspective with HFSC  [ [link removed] ]
NAFCU President and CEO Dan Berger Friday briefed House Financial Services Committee (HFSC) members on credit unions’ challenges with the Small Business Administration’s (SBA) paycheck protection program (PPP). NAFCU has been at the forefront of the fight to ensure credit unions are able to access PPP funds to serve their small business members affected by the coronavirus pandemic.


PPP updates: SBA releases PPP data and new IFR, DOJ finds possible fraud [ [link removed] ]
The Small Business Administration Sunday released the latest loan numbers for its paycheck protection program (PPP), revealing the average loan size has dropped to $79,000, the agency also issued a new interim final rule (IFR) last week indicating that a single corporate group cannot receive unlimited PPP loans. 






CUAC discusses coronavirus impacts via teleconference [ [link removed] ]
The CFPB's Credit Union Advisory Council (CUAC) Friday held a joint meeting via conference call with the agency's other advisory councils to discuss the coronavirus' impact on consumers and financial institutions.


FFIEC statement offers clarification on managing cloud computing service risks [ [link removed] ]
The Federal Financial Institutions Examination Council (FFIEC), which includes the NCUA and CFPB, Friday issued a statement on behalf of its members to address the use of cloud computing services and security risk management principles in the financial services sector.


Fed expands PPPLF to non-depository lenders [ [link removed] ]
The Federal Reserve last week expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-depository lenders, and announced that the PPPLF will accept purchased paycheck protection program (PPP) loans as collateral.



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