Also: New payment deferral option for GSE loans in forbearance; CFPB offers guidance on FI expectations amid COVID-19



NAFCU TODAY | The News You Need Daily.

May 14, 2020



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SBA clarifies PPP safe harbor as lawmakers review program [ [link removed] ]
The Small Business Administration (SBA) and Treasury Department Wednesday released updated FAQs for the paycheck protection program (PPP) clarifying that loans for less than $2 million "will be deemed to have made the required certification concerning the necessity of the loan request in good faith."


FHFA announces new payment deferral option [ [link removed] ]
As the Federal Housing Finance Agency (FHFA) continues its work to support homeowners impacted by the coronavirus pandemic, the government-sponsored enterprises (GSEs) are offering a new payment deferral option for loans in forbearance. NAFCU is supportive of this move as it will not change the monthly payment requirements for borrowers and will also allow the loan to remain in the mortgage-backed securities (MBS) pool.


CFPB provides guidance on FI responsibilities during coronavirus [ [link removed] ]
The CFPB yesterday released a statement and two FAQ documents to offer guidance on financial institutions' responsibilities when assisting customers during the coronavirus pandemic.






Fed's Powell provides economic update amid coronavirus pandemic [ [link removed] ]
Federal Reserve Chairman Jerome Powell offered an economic update and discussed the Fed's unprecedented fiscal response in a speech given Wednesday at the Peterson Institute. The Fed has continuously stated it will use its tools to their fullest potential until the crisis has passed and the economic recovery is well underway.


CUs work toward normal operations with NAFCU Compliance [ [link removed] ]
As credit unions work to meet members' needs during the coronavirus pandemic and prepare to restore normal operations, NAFCU is here to help. The association's award-winning federal compliance assistance and resources are designed to equip credit unions with the tools and resources necessary to ensure compliance.


CDRLF grant applications due May 22 [ [link removed] ]
The NCUA is reminding eligible low-income credit unions to apply for grants to support coronavirus-related efforts through the Community Development Revolving Loan Fund (CDRLF) by May 22. Last month, the NCUA announced that the majority of the 2020 CDRLF would be used to provide coronavirus assistance.



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