Also: New PPP FAQs, resources for CUs; NAFCU's free member networks help industry thrive
NAFCU TODAY | The News You Need Daily.
May 7, 2020
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ICYMI: CU leaders detail COVID-19 response, recovery expectations [ [link removed] ]
Tower Federal Credit Union President and CEO Rick Stafford, Arkansas Federal Credit Union President and CEO Rodney Showmar, and NAFCU President and CEO Dan Berger Wednesday discussed the impact the coronavirus has had on credit unions and their members, how institutions have responded, and what trends they expect to see as recovery begins.
Updated FAQS, more NAFCU resources to help CUs navigate PPP [ [link removed] ]
The Small Business Administration (SBA) and Treasury Department have updated their FAQs related to the paycheck protection program (PPP) to clarify forgiveness for businesses that have laid off an employee.
NAFCU networks a powerful resource for CUs amid COVID-19 [ [link removed] ]
NAFCU’s free, member-only networks are designed to connect credit union professionals and decision-makers with their peers, providing executives with a safe and straightforward space to share valuable insights and troubleshoot problems. As the coronavirus continues to present challenges in every community across the nation, members are finding value in the information-sharing and training opportunities they receive while engaging with other experts from the credit union community.
Fed launches community group for FedNow Service [ [link removed] ]
The Federal Reserve has launched a community to obtain insights from payments industry experts and stakeholders as the Fed continues work on its instant payment offering, the FedNow Service. NAFCU is supportive of the Fed's efforts to create a real-time gross settlement service and has urged the Fed to expedite its creation.
DOJ charges two with PPP fraud [ [link removed] ]
The Justice Department has filed its first case against two individuals following the start of its inquiry into the Small Business Administration's (SBA) paycheck protection program (PPP). Investigations into whether the program was protected against fraud or if banks did not process PPP loans on a first-come, first-serve basis as the SBA had advertised have begun to pop up after the program reopened late last month.
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