Also: NAFCU writes NCUA on capital treatment of PPP loans; House preps vote on PPP changes



NAFCU TODAY | The News You Need Daily.

May 28, 2020



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CU leaders discuss trends in operations, payments, more amid COVID-19 [ [link removed] ]
Mission Federal Credit Union President and CEO Debra Schwartz, Webster First Federal Credit Union President and CEO Mike Lussier, Strategic Resource Management Senior Vice President Larry Pruss, and NAFCU President and CEO Dan Berger joined NAFCU COO and Executive Vice President Anthony Demangone for a wide-ranging discussion on trends in payments, lending, strategic planning, and more during a town hall Wednesday.


NAFCU offers support for capital relief from NCUA on PPP loans [ [link removed] ]
In a letter to the NCUA, NAFCU Senior Counsel for Research and Policy Andrew Morris expressed support for the NCUA's interim final rule granting the Small Business Administration's (SBA) paycheck protection program (PPP) loans favorable regulatory capital treatment under the current risk based net worth requirement. Specifically, under the rule, PPP loans will receive a zero percent risk weighting that is consistent with the CARES Act.


House to vote on PPP changes today [ [link removed] ]
Lawmakers in the House today are scheduled to vote on legislation to ease restrictions on how businesses use the Small Business Administration's (SBA) paycheck protection program (PPP). Under a reworked House-version of the Paycheck Protection Program Flexibility Act of 2020, the 8-week period for businesses to use PPP funds would be extended and the terms of what the funds can be used for would be modified, providing relief to small businesses.






Fed's Beige Book details sharp economic decline, uncertainty [ [link removed] ]
The Federal Reserve's Beige Book released Wednesday showed the U.S. economy saw a sharp decline in all regions in recent weeks reflecting disruptions as a result of the coronavirus pandemic.


CFPB updates HMDA compliance guide with recent changes [ [link removed] ]
The CFPB Wednesday released an updated version of its Home Mortgage Disclosure Act (HMDA) Small Entity Compliance Guide to reflect recent changes to Regulation C that increased the data reporting thresholds under HMDA.


DOJ continues to pursue PPP loan fraud [ [link removed] ]
The Department of Justice has charged two more individuals with allegedly filing fraudulent applications for paycheck protection program (PPP) loans. The DOJ has charged several individuals with attempting to defraud and abuse the PPP as the department prioritizes detecting, investigating, and prosecuting illegal activity related to the coronavirus pandemic.



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