NAFCU
advocacy sees MBL relief bill introduced in Senate
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
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
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.
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.
CUs,
CDFIs, MDIs process billions in PPP loans
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
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
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
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.
