Also: FHFA re-proposes capital rule for GSEs; House preps PPP reforms to ease restrictions



NAFCU TODAY | The News You Need Daily.

May 21, 2020



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NAFCU advocacy gets relief for CUs despite COVID-19 [ [link removed] ]
NAFCU's award-winning advocacy team ensures credit union priorities stay in front of Washington's key decision makers, and these efforts have not stopped amid the coronavirus pandemic. Over the past few weeks, the association's advocacy – supported by member credit unions' efforts – has achieved wins and seen progress on several fronts. See the comprehensive list of what NAFCU's been fighting for.


FHFA releases updated capital rule proposal [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Wednesday re-proposed its rule to set capital requirements for the government-sponsored enterprises (GSEs). The agency indicated it would reissue the proposal last year; NAFCU was generally supportive of the proposal but continues to advocate that certain safeguards are codified by Congress before removing the GSEs from conservatorship.


House to consider PPP reforms; SBA, NAFCU update FAQs [ [link removed] ]
The House next week is expected consider a bipartisan plan to ease restrictions on how businesses use the Small Business Administration's (SBA) paycheck protection program (PPP). In addition, the legislation would help ensure businesses' PPP loans are still forgiven with the added flexibility.






Trump orders NAFCU-backed regulatory relief for economic recovery [ [link removed] ]
President Donald Trump Tuesday signed an executive order requiring agencies to take measures to eliminate, modify, waive, or exempt burdensome regulatory requirements in efforts to help support economic recovery from the effects of the coronavirus pandemic. NAFCU has continuously advocated for regulatory relief for credit unions as they work to meet the needs of their members affected by the pandemic.


NCUA overdraft, PCA rules expected today [ [link removed] ]
The NCUA Board meets today and on its agenda are two interim final rules – one on overdraft and one on prompt corrective action – and a proposed rule on joint ownership share accounts. During the meeting, set to begin at 10 a.m. Eastern via livestream, the board will also be briefed on the National Credit Union Share Insurance Fund's (NCUSIF) quarterly report.


OCC's Otting finalizes changes to CRA; CUs not included [ [link removed] ]
The Office of the Comptroller of the Currency (OCC) Wednesday released its final rule that makes changes to banks' requirements under the Community Reinvestment Act (CRA). While credit unions are not subject to the CRA, NAFCU has worked to ensure CRA requirements are not extended to credit unions and has advocated that all credit unions be allowed to add underserved areas to their fields of membership.


FI regulators release small-dollar loan lending principles [ [link removed] ]
Federal financial institution regulators, including the NCUA, Wednesday issued interagency lending principles for offering responsible small-dollar loans. This guidance comes after the regulators in March encouraged financial institutions to offer small-dollar loans to consumers and small businesses impacted by the coronavirus pandemic.


FOMC minutes reflect ongoing economic effects of the coronavirus, 'high' degree of downside risk [ [link removed] ]
Members of the Federal Open Market Committee (FOMC) – the Federal Reserve's monetary policy-setting arm – agreed that the effects of the coronavirus outbreak and ongoing pandemic would continue to weigh heavily on economic activity, employment, and inflation in the near term, according to minutes from the committee's April videoconference meeting.



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