Also: $195B disbursed from PPP's Round 2 funds; CARES Act update from Mnuchin, Powell today
NAFCU TODAY | The News You Need Daily.
May 19, 2020
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NAFCU provides updates on Fed's Reg D relief [ [link removed] ]
NAFCU sent members an updated Final Regulation Alert to include clarification from the Federal Reserve that it has no plans to re-impose the six-per-month transfer limit between savings and checking accounts under Regulation D, which was eliminated by a recent interim final rule. This clarification came following NAFCU President and CEO Dan Berger's request that the Fed provide further information on its rule.
New PPP loan data shows $195B disbursed from Round 2 [ [link removed] ]
New data from the Small Business Administration (SBA) on its paycheck protection program (PPP) revealed roughly $7 billion more was disbursed through the program over the last week. Of the $310 billion available through the PPP's Round 2 funding, over $195 billion has now been given out.
Mnuchin, Powell give update on CARES Act today [ [link removed] ]
Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell today will testify before the Senate Banking Committee to give an update on CARES Act, which was enacted at the end of March. NAFCU's advocacy secured several positive provisions for credit unions in the law and the association continues to seek additional relief for the industry as Congress examines the implementation of the CARES Act and continues work on the next phase of pandemic relief.
ECU Monitor: CUs share exam concerns; CUSI falls into pessimistic range [ [link removed] ]
The May edition of NAFCU's Economic & CU Monitor report – now available for download – found more than 80 percent of survey respondents' exam schedule had not been modified or postponed as the NCUA transitioned exams to a virtual process in light of the coronavirus pandemic.
Equifax agrees to pay CUs over $30M in settlement for 2017 breach [ [link removed] ]
Friday, Equifax settled a lawsuit with financial institutions, most of which are credit unions, following its 2017 data breach that affected more than 147 million U.S. consumers. NAFCU has monitored fallout from the data breach and increased its advocacy for a national data security standard in its wake; the association has been instrumental in ensuring any new rules stemming from the data breach don't negatively impact credit unions.
New webinars to help CUs support Hispanic small businesses [ [link removed] ]
As credit unions work to support their members and communities amid the coronavirus pandemic, Juntos Avanzamos is offering complimentary webinars to all credit unions to better understand and meet the needs of Hispanic entrepreneurs and small business owners.
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