This
week: NAFCU's advocacy persists as Congress, agencies work on more relief
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
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
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.
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Recent
appraisal relief detailed in new Compliance Monitor
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
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
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
"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.
