Also: Berger reiterates CUs' needs for COVID-19 relief to Senate; Economic updates, Fed's efforts, more to know this week



NAFCU TODAY | The News You Need Daily.

June 5, 2020



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NCUA chairman to address CUs at NAFCU's State of the Industry [ [link removed] ]
NCUA Chairman Rodney Hood will join NAFCU's State of the Industry virtual event to provide credit unions with an update on how the agency is working to support the industry amid the coronavirus pandemic and provide insights into lessons learned from speaking with credit unions around the country.


NAFCU reiterates CU priorities for coronavirus relief [ [link removed] ]
In a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., and the entire Senate, NAFCU President and CEO Dan Berger detailed what provisions future coronavirus relief packages should include to ensure the credit union industry and its members can thrive.


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 the economy and recent Fed actions, retirement investments, and more.






CFPB releases info to ease LIBOR transition [ [link removed] ]
The CFPB Thursday released several resources and a notice of proposed rulemaking in an effort to ease the transition away from the London Inter-bank Offered Rate (LIBOR) for consumers and regulated entities. LIBOR is set to stop publishing after 2021 and the Secured Overnight Financing Rate (SOFR) has been identified as its alternative.


NAFCU asks NCUA to extend appraisal relief [ [link removed] ]
Following the NCUA's interim final rule allowing credit unions to defer the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions amid the coronavirus pandemic, NAFCU's Kaley Schafer offered recommendations to further support that relief.


Demangone on CUbroadcast: NAFCU's virtual event will help CUs build strategic plans  [ [link removed] ]
Joining CUbroadcast, NAFCU Executive Vice President and COO Anthony Demangone shared reasons why the association's upcoming State of the Industry virtual event is a must attend for credit unions.


New on the Compliance Blog: NCUA exams, CFPB pandemic guidance, DEI efforts [ [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 is continuing to keep the industry informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.


Vehicle sales show remarkable recovery in May [ [link removed] ]
Total vehicle sales made a remarkable recovery in May, climbing from April's rate of 8.7 million annualized units to 12.2 million annualized units during the month. However, monthly sales levels were down 29.8 percent versus May 2019.



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