Also: Some PPP issues still need to be addressed, says OIG; FI regulators finalize CECL policy statement



NAFCU TODAY | The News You Need Daily.

May 11, 2020



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This week: NAFCU advocacy in high gear as Phase 4 work begins [ [link removed] ]
The House is expected to return to session this week as lawmakers continue to work on details of a Phase 4 coronavirus relief package – dubbed CARES 2 – to provide more support for consumers, workers, and small businesses. House Speaker Nancy Pelosi, D-Calif., is expected to unveil House Democrats' proposal this week. Among the issues NAFCU is pushing hard to get included in the package is relief for credit unions under the arbitrary member business lending (MBL) cap.


IG report on PPP identifies areas to be addressed [ [link removed] ]
A flash report from the Office of Inspector General (OIG) reviewing the Small Business Administration's (SBA) implementation of the paycheck protection program (PPP) found that while most of its interim final rules (IFRs) and guidance released have aligned with CARES Act provisions, more needs to be done to address prioritizing underserved and rural markets, loan forgiveness and deferments, and loan registration.


NCUA, FI regulators finalize CECL policy statement [ [link removed] ]
Federal financial regulators, including the NCUA, issued a final interagency policy statement Friday to provide clarification and consistency in the interpretation and application of the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard.






NAFCU launches free, exclusive network for HR professionals [ [link removed] ]
NAFCU remains committed to helping its member credit unions meet growth goals and serve members and has launched a new member-only online community – the NAFCU Human Resources Network – specifically for those who recruit and develop to bolster this effort. The new network joins the association's four longstanding online networks – offered to member credit unions at no additional cost – spanning a variety of credit union professions, including lending, compliance, CFOs, and marketing.


NAFCU urges NCUA to expand access to CDRLF [ [link removed] ]
NAFCU Directory of Regulatory Affairs Ann Kossachev and Senior Regulatory Counsel Elizabeth LaBerge spoke with NCUA Office of Credit Union Resources and Expansion (CURE) Director Martha Ninichuck and Deputy Director JeanMarie Komyathy to discuss credit unions' access to the agency's Community Development Revolving Loan Fund (CDRLF) and the Treasury's Community Development Financial Institutions (CDFI) Fund.


April unemployment rate skyrockets, breaks several all-time records [ [link removed] ]
The unemployment rate skyrocketed to 14.7 percent, the largest month-over-month increase in the history of the series dating back to January 1948. Although historical data begins in 1948, NAFCU Chief Economist and Vice President of Research Curt Long said "the current crisis is likely to challenge even Depression-era estimates of joblessness, generally believed to have peaked at around 25 percent."


Monthly consumer credit sees first decline since 2011 [ [link removed] ]
Total consumer credit saw its first month-to-month decline since 2011 as it fell at a seasonally-adjusted, annualized rate of 3.4 percent in March. NAFCU Chief Economist and Vice President of Research Curt Long attributed the fall to revolving credit, which fell 30.9 percent during the month.



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