NAFCU
advocacy gets relief for CUs despite COVID-19
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
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
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.
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Trump
orders NAFCU-backed regulatory relief for economic recovery
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
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
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
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
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.
