Also: Senators introduce legislation to address PPP tax deduction issue; Compliance Blogs tackle CFPB, IRS guidance
NAFCU TODAY | The News You Need Daily.
May 8, 2020
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5 things to know on coronavirus [ [link removed] ]
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources related to the coronavirus pandemic, including the paycheck protection program (PPP), states' efforts to reopen businesses, and more.
Legislation to clarify PPP tax deductions introduced in Senate [ [link removed] ]
A bipartisan group of senators Wednesday introduced legislation – the Small Business Expense Protection Act – that would clarify small businesses can deduct eligible expenses that were paid for by forgivable paycheck protection program (PPP) loans from their taxes.
New on the Compliance Blog: CFPB compliance bulletin, IRS guidance on EIPs, ADA litigation updates, more [ [link removed] ]
NAFCU's award-winning Compliance Team is working around the clock to publish new Compliance Blog posts daily, Monday-Friday, to keep credit unions informed of important regulatory updates during the coronavirus pandemic. Here is a roundup of this week's blog posts.
NCUA: Military members will count toward LICU designations [ [link removed] ]
The NCUA Thursday announced it is taking a new approach as it relates to military personnel when determining a low-income credit union (LICU) designation. The NCUA will now consider military personnel "in a similar manner as students attending colleges, universities, vocational or technical schools."
Fannie Mae: Coronavirus concerns drop consumers' housing market sentiment [ [link removed] ]
After falling 11.7 points last month, the Fannie Mae Home Purchasing Sentiment Index (HPSI) continued to drop an additional 17.8 points in April to 63 points – the lowest reading since November 2011.
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