Also: SBA issues guidance on PPP lender reporting; Senate considers PPP changes



NAFCU TODAY | The News You Need Daily.

May 22, 2020



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NCUA approves NAFCU-sought changes to PCA requirements [ [link removed] ]
The NCUA Board during its meeting yesterday unanimously approved an interim final rule on prompt corrective action (PCA) to provide temporary regulatory capital relief to federally-insured credit unions (FICUs). Earlier this year, NAFCU urged the agency provide capital relief during the pandemic, including changes to PCA requirements.


SBA issues NAFCU-sought 1502 guidance for PPP [ [link removed] ]
The Small Business Administration (SBA) Thursday issued a NAFCU-sought procedural notice related to lender reporting via Form 1502. Last week, NAFCU wrote the SBA seeking additional guidance on several fronts, including the reimbursement of lender fees and 1502 reporting.


Senate considers bill to expand certain PPP provisions [ [link removed] ]
The Senate Thursday reached a bipartisan agreement and began a process to hotline legislation – attempting to advance it by unanimous consent – that would make changes to some provisions of the Small Business Administration's (SBA) paycheck protection program (PPP). Of note, the bill would extend the period during which small businesses can use PPP funds from 8 weeks to 16 weeks.






5 things to know on coronavirus [ [link removed] ]
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources related to unemployment insurance fraud, paycheck protection program (PPP) loan fraud, economic impact payments (EIPs), and more.


NAFCU, trades push FCC to issue coronavirus-related ruling [ [link removed] ]
NAFCU continues to urge the Federal Communications Commission (FCC) to expeditiously finalize its declaratory ruling to allow financial institutions to contact consumers on matters related to the coronavirus pandemic during the national emergency. The association and several other financial services trade groups Thursday reiterated the need for this ruling in a reply comment to the commission.


New on the Compliance Blog: Credit losses, Reg D, more [ [link removed] ]
As credit unions work to meet members' needs during the coronavirus pandemic and start to restore normal operations, NAFCU's award-winning Regulatory Compliance Team will continue to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.


Existing-home sales tumble in April, reach lowest level since 2010 [ [link removed] ]
Existing-home sales tumbled 17.8 percent in April to a seasonally adjusted annual rate of 4.33 million units, reaching its lowest level since July 2010. NAFCU Chief Economist and Vice President of Research Curt Long noted the drop is "an abrupt change from February's 13-year high" in a new Macro Data Flash report.


NAFCU closed Monday for Memorial Day [ [link removed] ]
NAFCU will be closed Monday in observance of Memorial Day, but members will still have access to the association's website for resources and upcoming events. NAFCU Today will resume publication Tuesday, May 26.



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