NCUA
revises 2020 supervisory priorities
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
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
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.
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Roadmap is now available!
NAFCU's Credit Union Compliance GPS is
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SBA
establishes Community Advantage recovery loans in response to coronavirus
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
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
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).
