Also: Monitor explores delinquency conditions; Thaler highlights additional Fed, Treasury relief opportunities



NAFCU TODAY | The News You Need Daily.

July 1, 2020



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NAFCU-sought bill on automatic forgiveness of PPP loans introduced in Senate [ [link removed] ]
Yesterday, a bipartisan group of senators introduced the Paycheck Protection Small Business Forgiveness Act to provide a simplified automatic forgiveness process for covered paycheck protection program (PPP) loans of less than $150,000. NAFCU has actively sought this automatic forgiveness of small dollar PPP loans for the benefit of both small businesses and credit unions that are recovering from the coronavirus pandemic and may have strained financial and human resources. The bill was introduced by Senators Kevin Cramer, R-N.D., Kyrsten Sinema, D-Ariz., Thom Tillis, R-N.C., and Robert Menendez, D-N.J.


ECU Monitor: CARES Act support helped delinquency conditions remain stable [ [link removed] ]
The June edition of NAFCU's Economic & CU Monitor report – now available for download – found that fiscal support from the CARES Act may have helped keep delinquency conditions stable in spite of high unemployment rates.


NAFCU outlines relief opportunities as lawmakers review Fed, Treasury COVID-19 response [ [link removed] ]
Ahead of yesterday's House Financial Services Committee hearing with Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell, NAFCU Vice President of Legislative Affairs Brad Thaler thanked Congress and the agencies for their efforts thus far to support credit unions and consumers during the coronavirus pandemic and highlighted additional opportunities to provide more relief.






NAFCU reiterates call for GLBA exemption to ULC's data privacy law [ [link removed] ]
NAFCU and several other organizations Tuesday sent additional comments to the Uniform Law Commission (ULC) on its updated draft of the proposed Collection and Use of Personally Identifiable Data Act reiterating that the drafting committee should include an exemption for Gramm-Leach-Bliley Act (GLBA)-covered financial institutions.


NCUA bans 1 from future work in FIs [ [link removed] ]
The NCUA in June issued one prohibition order, prohibiting an individual previously associated with a credit union from any future participation in the affairs of a federally-insured financial institution.



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