Also: 5-min survey asks CUs for insights into COVID-19 impact; CFPB answers consumer reporting FAQs amid pandemic
NAFCU TODAY | The News You Need Daily.
June 17, 2020
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Thaler: Automatic forgiveness would reduce burdens for PPP borrowers, lenders [ [link removed] ]
NAFCU's Brad Thaler Tuesday called on House Small Business Committee members to support efforts to provide automatic forgiveness of paycheck protection loans (PPP) under $150,000 and simplify and streamline the forgiveness application process to ensure borrowers and lenders are not overly burdened.
Reminder: Share industry perspective on COVID-19 ahead of NAFCU event [ [link removed] ]
Credit unions are encouraged to reflect on lessons learned and challenges still facing the industry as a result of the coronavirus pandemic by participating in the five-minute NAFCU State of the Industry pre-conference survey. The results of the survey will be unveiled and discussed June 25 during NAFCU's State of the Industry, a landmark virtual event that will bring credit union executives and board members together.
CFPB answers FAQs on consumer reporting amid COVID-19 [ [link removed] ]
The CFPB Tuesday issued 10 FAQs related to consumer credit reporting amid the coronavirus pandemic. The CARES Act included a provision that directs lenders to report a credit account as current if the consumer has sought payment relief related to difficulties caused by the national emergency, amending the Fair Credit Reporting Act (FCRA).
NCUA issues additional information, FAQs on hemp banking [ [link removed] ]
The NCUA issued a Letter to Credit Unions yesterday to provide additional information for credit unions that are serving, or considering serving, legal hemp-related businesses amid the coronavirus pandemic. The letter does not impose additional requirements or expectations on credit unions.
Lawmakers talk fraud threats, ways to strengthen cybersecurity [ [link removed] ]
The rise in fraud and cybercrime amid the coronavirus pandemic – including the targeting of elder Americans and employees working from home – was the focus of a House Financial Services subcommittee hearing Tuesday. NAFCU reiterated the need for national data security and privacy standards in a letter ahead of the hearing, which was submitted into the record by Subcommittee Chairman Emanuel Cleaver, D-Mo.
FHFA releases new translated resources for borrowers, servicers [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Tuesday released new translated resources related to the coronavirus national emergency, designed to help limited English proficiency borrowers experiencing mortgage-related difficulties. Mortgage services can now access scripts in English, Spanish, traditional Chinese, Vietnamese, Korean or Tagalong to use when discussing forbearance with borrowers.
Retail sales see record rebound in May [ [link removed] ]
Total retail sales surged 17.7 percent in May, marking the biggest monthly jump on record and an impressive rebound from April. May's surprising recovery provides "more evidence that April was likely the bottom of the cycle," noted NAFCU Chief Economist and Vice President of Research Curt Long in a new NAFCU Macro Data Flash report.
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