NAFCU continues fight for military CUs in NDAA
NAFCU, along with the Defense Credit Union Council (DCUC) and CUNA, again voiced opposition against the inclusion of a provision regarding bank leases in the fiscal year 2021 National Defense Authorization Act (NDAA) in a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y. The provision – if included in the final version of the bill – could disadvantage credit unions as it would treat all banks, including large ones like Wells Fargo, the same as local, not-for-profit credit unions when it comes to nominal leases on military bases.

PPP update: SBA, Treasury announce transparency efforts, latest data, more
The Small Business Administration (SBA) and Treasury Department last Friday announced an agreement to enhance transparency regarding the paycheck protection program (PPP) by releasing additional data, including business name and type, demographic data, number of jobs supported, and more, for all PPP loans above $150,000.

Virtual innovation spotlight to connect CUs with industry experts
Amid the coronavirus pandemic, credit unions have had to rely on creative problem solving to further growth goals. To help connect credit unions with next-generation technology, cutting-edge products, and innovative campaigns to help them thrive, NAFCU and NAFCU Services unveiled a new virtual event – the NAFCU Services 2020 Partner Innovation Spotlight.

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CFPB issues proposed rules to address QM definition, GSE Patch expiration
The CFPB Monday issued two notices of proposed rulemaking (NPRMs) related to the General QM definition and upcoming expiration of the Government-Sponsored Enterprises Patch (GSE) QM Patch. NAFCU recently joined with nine other organizations to urge CFPB Director Kathy Kraninger to delay rulemakings on the General QM definition and extend of the patch in the wake of the coronavirus pandemic.

NAFCU details proposed reg on executive compensation
Earlier this month, the Internal Revenue Service (IRS) published a notice of proposed rulemaking on regulations under section 4960 of the Internal Revenue Code on executive compensation and parachute payments. In a new Regulatory Alert, NAFCU outlines key aspects of the rule that could impact credit unions.

NAFCU makes recommendations on FHLB membership to FHFA
NAFCU sent a letter to the FHFA in response to the request for input (RFI) issued by the Federal Housing Finance Agency (FHFA) in February regarding Federal Home Loan Bank (FHLB) membership and voiced concerns of member credit unions that rely on the FHLBs for liquidity purposes in order to fully serve the mortgage and community development needs of their membership.

Existing-home sales continue to tumble in May, housing starts fall to 2015 levels
Existing-home sales continued to fall in May, tumbling an additional 9.7 percent to a seasonally adjusted annual rate of 3.91 million units and reaching its lowest level since 2010. The drop represents a 26.6 percent decrease in sales versus a year ago.