Also: Berger asks NCUA to reinstate removed FOMs; SBA releases more details on PPP loan data



NAFCU TODAY | The News You Need Daily.

July 7, 2020



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NAFCU-sought bill to modernize E-SIGN introduced in Senate [ [link removed] ]
Sens. John Thune, R-S.D., Jerry Moran, R-Kan., and Todd Young, R-Ind., have introduced NAFCU-sought legislation to amend the Electronic Signatures in Global and National Commerce (E-SIGN) Act so that it reflects technological advancements and consumer preferences, as well as reduces burdens on financial institutions.


NAFCU asks NCUA to reinstate removed FOMs following SCOTUS decision [ [link removed] ]
NAFCU President and CEO Dan Berger Monday urged the NCUA Board to "provide for a blanket reinstatement of any [field of membership (FOM)] statements removed" following the Supreme Court's denial to hear the lawsuit brought by the American Bankers Association (ABA) challenging the agency's 2016 FOM rule.


SBA releases expanded PPP loan data as program reopens [ [link removed] ]
The Small Business Administration (SBA) and Treasury Department Monday released more detailed information on paycheck protection program (PPP) loans for those over $150,000, including the company name, range of loan amount, location, and their loan provider. While the program's original authorization expired June 30, President Donald Trump signed an extension to Aug. 8 over the weekend and reopened the program.






NCUA data reveals stronger CLF [ [link removed] ]
The NCUA yesterday released updated Central Liquidity Facility (CLF) membership and borrowing data revealing that new memberships have added over $945 million in additional subscribed capital stock to the facility. The release follows the regulatory enhancements provided by the CARES Act and subsequent changes to the agency's regulations.


Synthetic ID fraud mitigation discussed in latest Fed white paper [ [link removed] ]
Last week, the Federal Reserve released a new white paper on synthetic identity fraud in the U.S. payments system. The white paper is the latest in a series of publications about synthetic identity fraud and examines factors that influence synthetic identity fraud mitigation.


SCOTUS: TCPA exception violates First Amendment [ [link removed] ]
The U.S. Supreme Court Monday released its decision in a lawsuit, Barr v. American Association of Political Consultants, Inc., challenging the Telephone Consumer Protection Act's (TCPA) exception for government-backed debt. The Supreme Court found that it violates the First Amendment, upholding the U.S. Court of Appeals for the Fourth Circuit's decision in the case.


CFPB proposes new exemptions to TILA escrow requirements [ [link removed] ]
The CFPB last week issued a notice of proposed rulemaking (NPRM) to amend Regulation Z to provide a new exemption for certain financial institutions from the requirement to establish escrow accounts for certain higher-priced mortgage loans. These changes were included in the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) enacted in 2018.


Thaler shares ways CUs support workers, small biz ahead of hearing [ [link removed] ]
As a House Financial Services subcommittee today looks to explore ways to support workers and businesses impacted by the coronavirus pandemic, NAFCU's Brad Thaler shared how credit unions are currently helping their members and legislative opportunities to expand their ability to do so.


Vehicle sales show modest rise in June [ [link removed] ]
While total vehicle sales continued to recover in June, rising from May's rate of 12.3 million annualized units to 13 million annualized units during the month, NAFCU's Curt Long suggested the "gains were modest compared to May."


FOMC announces tentative 2021 meeting schedule [ [link removed] ]
The Federal Open Market Committee (FOMC), the monetary policy-setting arm of the Federal Reserve, announced its tentative meeting schedule which covers 2021 and the beginning of 2022.



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