NAFCU
calls on SBA to provide automatic forgiveness as senators review PPP
As the Senate Banking Committee Wednesday sought insights into the paycheck protection
program (PPP) from Small Business Administration (SBA) Administrator Jovita Carranza
and Treasury Secretary Steven Mnuchin, NAFCU raised its support for automatic
forgiveness of PPP loans under $150,000 directly to Carranza.
NAFCU's
State of the Industry: A novel CU event in unprecedented times
As the
world continues to adapt to the uncertain circumstances surrounding the coronavirus
pandemic, NAFCU's State of the Industry – a complimentary event – will
provide valuable insights and information straight to credit unions in a virtual
environment. The association is committed to providing the industry with top-notch
educational resources and strategies needed to grow.
NAFCU
exploring ways to connect CUs, Export-Import Bank
NAFCU President and
CEO Dan Berger spoke Friday with Export-Import Bank President and Chairman Kimberly
Reed about how credit unions can participate in EXIM programs and lending opportunities
to provide credit to member businesses involved in exports.
NAFCU's State of the Industry - A Virtual
Event
Get the data, trends and takeaways you need now to keep your
operations strong.
NAFCU
urges Congress to expand CU access to underserved areas
Ahead of today's
House Financial Services Task Force on Financial Technology hearing to consider
the creation of a new FedAccounts system to reach unbanked consumers, NAFCU Vice
President of Legislative Affairs Brad Thaler encouraged Congress to instead allow
all credit unions to add underserved areas to their fields of membership.
Fed
holds rates, predicts slow economic recovery
The Federal Open Market
Committee (FOMC) voted via videoconference Wednesday to keep the federal funds
target rate near its current range of 0 to 0.25 percent as the economy recovers
from the effects of the coronavirus pandemic. During his post-meeting press conference,
Chairman Jerome Powell stated that the Fed's updated economic projections
were made with the expectation that economic recovery would begin in the second
half of this year and last through the next couple of years.
CFPB
develops new resource to prevent elder fraud
The CFPB Wednesday released
a new online resource to help communities prevent and respond to cases of elder
financial abuse. The Elder Fraud Prevention and Response Networks Development
Guide seeks to establish and bolster collaborative networks to fight against fraud
and empower older people with the tools and information needed to protect themselves from financial exploitation.
CPI
continues to fall for 3rd consecutive month
On a seasonally-adjusted
basis, overall consumer prices fell 0.1 percent in May, the third monthly decline
in a row. The Bureau of Labor Statistics reported that the overall consumer price
index (CPI) grew 0.2 percent over the 12-month period.
