Also: NAFCU flags need for QM, forbearance relief ahead of hearing; BSA, Reg Schools reinvented as virtual events
NAFCU TODAY | The News You Need Daily.
June 9, 2020
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PPP updates: 721 CU lenders approved $2.8B in loans; SBA, Treasury plan more guidance [ [link removed] ]
More than 700 credit union paycheck protection program (PPP) lenders with assets less than $1 billion have approved $2.8 billion in loans, according to the latest loan report released by the Small Business Administration (SBA). Of note, the average loan size has decreased by $1,000, dropping to $113,000. As of June 6, $130 billion of round two funding remained.
NAFCU weighs in on housing issues ahead of oversight hearing [ [link removed] ]
Ahead of today's Senate Banking Committee oversight hearing of housing regulators, NAFCU Vice President of Legislative Affairs Brad Thaler shed light on important housing issues facing credit unions amid the coronavirus pandemic, including qualified mortgages (QM) and forbearance.
NAFCU offers new opportunities to educate compliance professionals [ [link removed] ]
In response to lingering uncertainty and concerns amid the coronavirus pandemic, NAFCU is pursuing new opportunities to ensure credit union professionals have access to top-rated educational resources and the ability to connect with peers. It's latest move: Pivoting the upcoming BSA and Summer Regulatory Compliance Schools to virtual events.
Fed expands Main Street Lending Program [ [link removed] ]
The Federal Reserve Monday announced changes to its Main Street Lending Program – a collection of facilities established as part of the Fed's effort to support the economy and businesses amid the coronavirus pandemic – to allow more small and mid-sized businesses access to funds.
Subordinated debt, other NCUA issues focus of NAFCU committee meeting [ [link removed] ]
NAFCU's Regulatory Committee meets today to discuss initiatives and rulemaking efforts underway at the NCUA, including the agency's subordinated debt proposal and approach to supervision and guidance amid the coronavirus pandemic, as well as important updates from other agencies.
NAFCU watching FOMC meeting for monetary, economic insights [ [link removed] ]
The Federal Open Market Committee (FOMC) – the Fed's monetary-policy setting arm – begins a two-day meeting today. While NAFCU does not expect any changes to the federal funds target rate range, which is currently set at 0 percent to 0.25 percent, the association will monitor the meeting for any changes to the Fed's policy approach and economic expectations.
Monthly consumer credit plummets in April; NAFCU expects continued fall [ [link removed] ]
Total consumer credit fell 19.6 percent in April at a seasonally-adjusted, annualized rate, but is up 1.6 percent versus a year ago. NAFCU Chief Economist and Vice President of Research Curt Long expects a continued fall as unemployment remains rampant in a slow-recovering economy.
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