This
week: NAFCU advocacy in high gear as Phase 4 work begins
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
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
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.
See
what's trending in the NAFCU Human Resources Network
Free, member-only
online community for credit union HR professionals and those that serve the HR
function.
NAFCU
launches free, exclusive network for HR professionals
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
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
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
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.
