Also: NAFCU breaks down rules on PPP forgiveness, responsibilities; Coronavirus developments to know this week



NAFCU TODAY | The News You Need Daily.

May 29, 2020



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House passes PPP legislation; SBA, Treasury reserve $10B in PPP funding for CDFIs [ [link removed] ]
The House Thursday passed bipartisan legislation, on a 417-1 vote, to ease restrictions on how businesses use the paycheck protection program, expanding the terms of the loans. Also on Thursday, the Small Business Administration in partnership with the Treasury Department announced that $10 billion of the PPP's round two funding will be set aside for Community Development Financial Institutions (CDFIs).


NAFCU explains SBA's rules on PPP forgiveness, responsibilities [ [link removed] ]
NAFCU sent a Final Regulation to members Thursday explaining recent interim final rules from the Small Business Administration (SBA) related to loan forgiveness, review procedures, and borrower and lender responsibilities under the paycheck protection program (PPP). NAFCU has consistently sought additional guidance for lenders on these issues.


4 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 the state of the credit union industry, the Small Business Administration's (SBA) paycheck protection program (PPP), and credit card fraud.






NCUA provides CUs with update on exam relief [ [link removed] ]
In a new Letter to Credit Unions Thursday, the NCUA provided credit unions with an update on its current approach to exams and supervision, indicating that it would continue offsite work until further notice and return to issuing examination reports. NAFCU President and CEO Dan Berger previously called on the NCUA provide additional examination flexibility and make other regulatory adjustments to ensure credit unions can focus on helping members during the coronavirus pandemic.


Berger urges NCUA to move forward with tabled IFR on overdraft policy [ [link removed] ]
NAFCU President and CEO Dan Berger, in a letter to the NCUA Thursday, offered support for an interim final rule regarding NCUA's overdraft policy rule that was tabled by the NCUA Board at its May meeting. Berger has continuously called on the NCUA to provide relief measures aimed to simplify the regulatory hurdles associated with limitations on carrying and charging off negative balances amid the coronavirus pandemic.


LIBOR transition resources available from GSEs [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Thursday announced Fannie Mae and Freddie Mac have new websites providing resources to lenders and investors as the government-sponsored enterprises (GSEs) transition away from the London Inter-bank Offered Rate (LIBOR). LIBOR is set to stop publishing after 2021 and the Secured Overnight Financing Rate (SOFR) has been identified as its alternative.


New on the Compliance Blog: Handling expired IDs, holding virtual meetings amid the pandemic [ [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.


NCUA details changes to low-income designation methodology [ [link removed] ]
The NCUA Thursday issued a Letter to Credit Unions detailing its new approach to determining whether a credit union qualifies for a low-income designation by fully considering military personnel. NAFCU is supportive of the change and has defended its merit against banker attacks as it "is an important step toward promoting financial inclusion."


Q1 GDP sees downward revision; NAFCU predicts 'uneven' recovery [ [link removed] ]
The Commerce Department released its revised estimate for first quarter economic growth, revealing the U.S economy shrank five percent in the first quarter, a downward revision from the initial estimate. NAFCU Chief Economist and VP of Research Curt Long noted the fall in consumer spending "accounted for essentially all of the decline."


NAFCU seeks CU perspective on forbearance [ [link removed] ]
As NAFCU continues to advocate for credit unions' needs in the wake of the coronavirus pandemic, the association encourages members to participate in the Economic & CU Monitor survey to further inform these efforts. This month, the survey is focused credit unions' experiences on providing members with loan forbearance options amid the pandemic. Responses are due Wednesday.



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