SBA
clarifies PPP safe harbor as lawmakers review program
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
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
The CFPB
yesterday released a statement and two FAQ documents to offer guidance on financial
institutions' responsibilities when assisting customers during the coronavirus pandemic.
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.
Fed's
Powell provides economic update amid coronavirus pandemic
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
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
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.
