Also: NAFCU shares forbearance, QM concerns with oversight committee; Fed data shows rebound in economic activity



NAFCU TODAY | The News You Need Daily.

July 16, 2020



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NCUA revises 2020 supervisory priorities [ [link removed] ]
In light of the coronavirus pandemic, the NCUA Wednesday released a revised version of its 2020 supervisory priorities in a new Letter to Credit Unions. The agency said it will focus "examination activities on areas that pose elevated risk to the credit union industry and the National Credit Union Share Insurance Fund given the current environment."


NAFCU reiterates housing market concerns ahead of oversight hearing [ [link removed] ]
Ahead of the House Financial Services Oversight Subcommittee hearing today on mortgage servicers and ongoing efforts to protect homeowners amid the coronavirus pandemic, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated several of NAFCU's concerns on key housing issues affecting credit unions.


Beige Book shows rebound in economic activity; NAFCU flags changing conditions [ [link removed] ]
The Federal Reserve's Beige Book released Wednesday showed almost all districts saw a rebound in economic activity – but remained well below pre-coronavirus pandemic levels – as more non-essential businesses were allowed to reopen. Reopening also supported increased employment on net; however, payrolls remained low and job turnover rates were high with new layoffs across the districts.






SBA establishes Community Advantage recovery loans in response to coronavirus [ [link removed] ]
The Small Business Administration (SBA) yesterday published a request for information (RFI) and a notice on the establishment of a new, temporary community advantage (CA) loan product in response to the coronavirus pandemic. The new loans – the CA recovery loans – will be made only under the CA Pilot Program and will be available to small businesses located in underserved markets.


NCUA coronavirus urgent need grants exhausted [ [link removed] ]
The NCUA Wednesday announced funding for its COVID-19 urgent need grants initiative has been fully utilized and will no longer accept new applications. The NCUA announced the grants earlier this year for federally-insured, low-income designated credit unions that have experienced unexpected costs due to the coronavirus pandemic.


Committee sends CDFI, CDRLF funding bill to full House [ [link removed] ]
The House Appropriations Committee Thursday advanced the fiscal year 2021 financial services and general government (FSGG) bill to the full House without any amendments. Prior to the committee's markup of the bill, NAFCU had urged increased funding for the Treasury Department's Community Development Financial Institutions (CDFI) Fund and emergency monies for the NCUA's Community Development Revolving Loan Fund (CDRLF).



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