NAFCU,
trades call for additional clarity on PPP proposal
NAFCU joined with
several other financial services trade organizations yesterday to respond to recently
proposed legislation, the Continuing Small Business Recovery and Paycheck Protection
Act, introduced by Senate Small Business Committee Chairman Marco Rubio, R-Fla.,
under consideration for the Senate’s Phase 4 relief package. The legislation
would make changes to the Small Business Administration’s (SBA) paycheck protection
program, including an expansion of hold harmless protections for lenders and a
simplified forgiveness process for the borrowers.
Fed
release new details on FedNow Service
The Federal Reserve yesterday
provided an update on its FedNow Service, indicating that the program will be
launched in phases. NAFCU remains supportive of the Fed's efforts to create
a real-time gross settlement service and has urged the Fed to expedite its creation.
NCUA
Risk Alert warns CUs of pandemic related fraud
The NCUA Thursday issued
a Risk Alert to inform credit unions about the fraud risks associated with the
coronavirus pandemic and outlined red flags associated with common fraud schemes
that have arisen since the enactment of the CARES Act.
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NAFCU’s
Berger to join NCUA Chairman Hood, industry leaders for panel discussion
NAFCU President and CEO Dan Berger is set to join NCUA Chairman Rodney Hood, CUNA
Mutual Group President and CEO Robert Trunzo, and a panel of other industry leaders
during CUNA Mutual Group’s Discovery 2020 for a discussion on the cooperative
and collaborative spirit of credit unions amid the coronavirus pandemic.
5 things to know this week
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source
for the latest on issues impacting the credit union industry. For those short
on time, here's a roundup of this week's top need-to-know news related
to the unemployment landscape, supporting small business members, and more.
New
Reg alert details CFPB ECOA, Reg B request for information
Following
the CFPB's request for information (RFI) inviting comment on opportunities
to develop viable solutions to regulatory compliance challenges, among other things,
under the Equal Credit Opportunity Act (ECOA) and Regulation B, NAFCU is seeking
member credit unions feedback via a new Regulatory Alert.
This
week in compliance: Reg Z basics revisited, FCRA required notice, and more
As credit unions work to meet the needs of their members and communities and restore
normal operations, NAFCU's award-winning Regulatory Compliance Team is keeping
the industry informed of the latest developments and available resources via the
Compliance Blog every Monday, Wednesday, and Friday.
