House
passes PPP legislation; SBA, Treasury reserve $10B in PPP funding for CDFIs
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
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
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.
NAFCU's State of the Industry - A Virtual
Event
Get the data, trends and takeaways you need now to keep your
operations strong.
NCUA
provides CUs with update on exam relief
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
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
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
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
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
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
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.
