Also: NAFCU says CFPB LIBOR proposal will help CUs plan ahead; Weak loan demand, tightening standards revealed in Fed survey



NAFCU TODAY | The News You Need Daily.

August 5, 2020



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New FAQs on PPP loan forgiveness released [ [link removed] ]
The Small Business Administration (SBA) Tuesday released a new set of FAQs focused solely on forgiveness for paycheck protection program (PPP) loans. NAFCU continues to urge the SBA and Congress to simplify the loan forgiveness process for smaller loans and is fighting to have these provisions included in the Phase 4 coronavirus relief package.


CFPB's LIBOR proposal helps CUs plan ahead, says NAFCU [ [link removed] ]
NAFCU Senior Counsel for Research and Policy Andrew Morris wrote to the CFPB yesterday in response to the bureau's notice of proposed rulemaking related to the transition away from the London Inter-bank Offered Rate (LIBOR) for consumers and regulated entities. LIBOR is set to stop publishing after 2021 and the Secured Overnight Financing Rate (SOFR) has been identified as its alternative.


Fed survey reveals tightening lending standards, weak demand [ [link removed] ]
The Federal Reserve's second-quarter senior loan officer opinion survey (SLOOS) revealed banks tightened standards and saw weaker demand for loans to consumers as the coronavirus pandemic continued.






Today: Webinar to explore export financing for small biz members [ [link removed] ]
The growth of commercial lending has created numerous opportunities for credit unions to support their small business members. A NAFCU webinar today, in partnership with the Export-Import Bank of the United States (EXIM), will explore how to leverage the agency's Working Capital Loan Guarantee while minimizing risk.


Senate committee to vote on NCUA nominee today [ [link removed] ]
Today, the Senate Banking Committee is expected to meet and vote on the nomination of Kyle Hauptman to the NCUA Board during an executive session. The committee's vote was originally scheduled for July 30 but was postponed and rescheduled.


Lending regs focus of today's Virtual Reg School [ [link removed] ]
NAFCU's Virtual Regulatory Compliance School continues today with sessions focused on lending regulations, which is a critical issue amid the coronavirus pandemic as credit unions work to support consumers and businesses impacted. In addition, those working to earn the prestigious NAFCU Certified Compliance Officer (NCCO) designation will have opportunities to study for and take the third of four exams.


Vehicle sales rise for 3rd consecutive month [ [link removed] ]
Total vehicle sales continued to recover in July – rising from June's rate of 13.1 million annualized units to 14.5 million annualized units during the month – which represents a three-month rise since bottoming out.



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