5
things to know on coronavirus
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
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
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.
Updated
FAQs: SBA Programs Under the CARES Act
Get answers to your questions
on the Small Business Administration's Paycheck Protection Program.
NCUA:
Military members will count toward LICU designations
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
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.
