This
week: Senate returns, NAFCU keeps foot on Washington throttle
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
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
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.
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CUAC
discusses coronavirus impacts via teleconference
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
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
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.
