Also: CFPB finalizes increased threshold under remittance rule; NCUA's Hood talks COVID-19 efforts today



NAFCU TODAY | The News You Need Daily.

May 12, 2020



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NAFCU advocacy sees MBL relief bill introduced in Senate [ [link removed] ]
Sen. Ron Wyden, D-Ore., Monday introduced legislation – the Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020 – ​​​​​​​to provide credit unions with relief under the member business lending (MBL) cap. NAFCU has been working closely with Wyden on the bill, which is similar to legislation introduced in the House, to achieve this relief for the industry in the next coronavirus relief package.


CFPB finalizes remittance rule changes [ [link removed] ]
The CFPB Monday issued its final rule to increase the safe harbor threshold under its remittance rule from 100 transfers in the previous and current calendar year to 500 transfers. NAFCU has continuously worked with the bureau to obtain relief for credit unions under the rule and, although the association had advocated for a larger threshold increase, said this increase is a step in the right direction.


NCUA's Hood to discuss COVID-19 efforts with senators today [ [link removed] ]
NCUA Chairman Rodney Hood and representatives from other banking regulators are set to testify today before the Senate Banking Committee to discuss regulators' efforts to provide financial institutions with relief and resources amid the coronavirus pandemic. Ahead of the hearing, NAFCU sent a letter to the committee outlining ways the NCUA and lawmakers can provide even more relief to credit unions.






CUs, CDFIs, MDIs process billions in PPP loans [ [link removed] ]
From round two of Small Business Administration's (SBA) paycheck protection program's (PPP) funding, over $6 billion has gone to loans submitted by Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs), according to new data released by the agency, detailing approved loans from April 27 to May 8. To date, more than two million loans have been distributed by over five thousand lenders during the second round of the program.


NCUA updates CUs on CLF agents [ [link removed] ]
The NCUA issued a new Letter to Credit Unions Monday providing an update on agent members of the Central Liquidity Facility (CLF), as allowed by the CARES Act. All 11 corporate credit unions have joined the CLF as agent members, increasing the borrowing capacity of the CLF and enhancing the amount of liquidity available to small- and medium-sized credit unions


ICYMI: New HR Network is latest in NAFCU's strategy to bolster CUs [ [link removed] ]
NAFCU's new, member-only online community – the NAFCU Human Resources Network – launched yesterday and is designed specifically to help those who recruit and develop organizational strategies for their credit union to exceed growth goals and serve members. Through the network, HR professionals have the opportunity to knowledge-share with peers, access best-in-industry resources, and more.


Today: NAFCU to provide CUs with key updates on regulatory issues [ [link removed] ]
NAFCU today will provide members of its Regulatory Committee with updates from the NCUA and CFPB, as well as several ongoing regulatory issues. The association remains active in Washington to keep decision makers informed of the industry's needs as credit unions work to ensure safe, affordable products and services are available to members.



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