NCUA
approves NAFCU-sought changes to PCA requirements
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
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
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.
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5
things to know on coronavirus
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
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
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
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
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.
