Also: NAFCU voices support for PPP automatic forgiveness ahead of hearing, asks for clarification from SBA



NAFCU TODAY | The News You Need Daily.

June 10, 2020



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Senators, citing coronavirus concerns, call for in-depth CECL study [ [link removed] ]
A bipartisan group of Senate Banking Committee members have called on Treasury Secretary Steven Mnuchin to conduct an in-depth study of the current expected credit loss (CECL) standard to better understand its impact on lending and the economy overall.


Automatic forgiveness, hold harmless provision needed, NAFCU tells senators [ [link removed] ]
Ahead of today's Senate Small Business Committee hearing with Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin, NAFCU's Brad Thaler commended efforts to make the paycheck protection program (PPP) successful but noted more needs to be done to ensure smaller lenders and borrowers are not overly burdened by the process.


Berger pushes SBA for updated PPP guidance [ [link removed] ]
NAFCU President and CEO Dan Berger Tuesday urged the Small Business Administration (SBA) to release updated guidance to help paycheck protection program (PPP) lenders and borrowers implement changes enacted by the Paycheck Protection Program Flexibility Act – H.R. 7010.






CFPB offers NAFCU-sought clarity, FAQs on TRID [ [link removed] ]
The CFPB Tuesday released additional guidance – via a factsheet and additional FAQs – for its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) integrated disclosure (TRID) rule. Of note, the factsheet provides NAFCU-sought clarity on what to do when the TRID formula for disclosing title insurance yields a negative number.


NAFCU's Ramsay in MONEY: 'Credit unions have always been there for their people' [ [link removed] ]
As many Americans work to manage their personal finances amid the coronavirus pandemic, NAFCU Vice President of Communications and Media Relations Jacqueline Ramsay noted credit unions' strong reputation of stepping up for their members in an interview with MONEY.


NCUA clarifies PCA relief in new Letter to CUs [ [link removed] ]
The NCUA Tuesday summarized its interim final rule on prompt corrective action (PCA) in a new Letter to Credit Unions and released an attached order to generate PCA-related relief. The modifications – permitted under an interim rule that was unanimously approved during the board's May meeting – will be in place until Dec. 31.


NCUA, CFPB target elder financial abuse in webinar [ [link removed] ]
Tomorrow, the NCUA will host a joint webinar with the CFPB to offer an update on the impact of elder financial exploitation and abuse. Attendees will learn more about scams related to the pandemic that are targeting older adults and fraud prevention strategies and resources.



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