New
FAQs on PPP loan forgiveness released
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
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
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.
FREE
Webinar: Export Financing for Your Small Business Members
Review
best practices for leveraging the Export-Import Bank of the United States' (EXIM)
Working Capital Loan Guarantee to support your small business member exporters
while minimizing risk.
Today:
Webinar to explore export financing for small biz members
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
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
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
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.
