Also: House passes HEROES Act; SBA releases borrower application for PPP loan forgiveness
NAFCU TODAY | The News You Need Daily.
May 18, 2020
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This week: NAFCU's advocacy persists as Congress, agencies work on more relief [ [link removed] ]
As Congress considers further coronavirus relief, NAFCU will continue its bold advocacy efforts by engaging with lawmakers and regulators to ensure that to ensure credit union concerns are addressed in the final package.
House passes HEROES Act; NAFCU pushes for CU relief [ [link removed] ]
The House Friday, on a 208-199 vote, passed a $3 trillion stimulus bill, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, with voting mainly along party lines. The bill, offered by House Democratic leadership, now heads to the Senate, where it is not expected to receive consideration by the Republican-led chamber. The Senate will likely propose its own relief package in the coming weeks.
SBA releases application for PPP loan forgiveness [ [link removed] ]
The Small Business Administration (SBA) Friday released an application for paycheck protection program (PPP) loan forgiveness and instructions for borrowers. NAFCU has urged the agency to release guidance on loan forgiveness since shortly after the program launched in April and as recently as Thursday as several credit unions have expressed concerns about the uncertainty of the forgiveness process.
Recent appraisal relief detailed in new Compliance Monitor [ [link removed] ]
The latest edition of NAFCU's Compliance Monitor – a free, member-only benefit – provides a back-to-basics refresher on federal appraisal requirements and explanations of the NCUA's recent rules to provide appraisal relief.
Fed cautions FIs on operational impact of COVID-19 [ [link removed] ]
A new Financial Stability Report from the Federal Reserve noted the "tremendous human and economic hardship" caused by the coronavirus pandemic and flagged the operational risks facing financial institutions is a key source of risk in the near-term.
NAFCU's Demangone touts benefits of new HR Network on CUbroadcast [ [link removed] ]
NAFCU Executive Vice President and COO Anthony Demangone appeared on CUbroadcast to share why association's newly launched Human Resources Network is a must-join for credit union HR professionals.
Retail sales plummet; NAFCU's Long suggests robust recovery unlikely [ [link removed] ]
"The first full month of nationwide stay-at-home orders was catastrophic for retail sales," said NAFCU Chief Economist and Vice President of Research Curt Long in a new NAFCU Macro Data Flash report. Total retail sales plummeted 16.4 percent during the month, following March's revised 8.3 percent fall.
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