Also: NAFCU urges IRS to exclude fringe benefits from proposal; New network for cybersecurity and IT professionals



NAFCU TODAY | The News You Need Daily.

August 10, 2020



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This week: NAFCU active as Phase 4 negotiations continue [ [link removed] ]
Even though a majority of members are back home in their states and districts, the Administration and Congressional leaders are expected to continue discussions on a Phase 4 coronavirus relief package this week to provide additional support for consumers, workers, and small businesses. Among the issues NAFCU is pushing to get included in the package is an automatic forgiveness process for loans under $150,000 made as part of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and an extension of the CARES Act provisions for the Central Liquidity Facility (CLF) and Troubled Debt Restructurings (TDRs).


NAFCU urges IRS to exclude fringe benefits excise tax from proposal [ [link removed] ]
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer wrote to the Internal Revenue Service (IRS) Friday to urge against the notice of proposed rulemaking regarding an excise tax on excess executive compensation for tax-exempt organizations.


NAFCU launches complimentary, member-only cybersecurity and IT network  [ [link removed] ]
NAFCU remains committed to helping credit unions serve their members amid the coronavirus pandemic and has launched a new member-only online community – the NAFCU Cybersecurity and IT Network – specifically to foster a culture of information sharing and connection. The new network joins the association's five longstanding online networks – offered to member credit unions at no additional cost – spanning a variety of credit union professions, including human resources, lending, compliance, CFOs, and marketing.






NAFCU updates PPP FAQs as forgiveness process begins [ [link removed] ]

Following the end of the Small Business Administration’s (SBA) paycheck protection program (PPP) – which is no longer accepting loan applications as of Aug. 8 – NAFCU has updated its FAQs on the program, including new questions regarding loan forgiveness and a new section on PPP fraud.


Unemployment rate sees slowdown in July [ [link removed] ]
The U.S. economy exceeded expectations by adding 1.8 million jobs in July. NAFCU Chief Economist and Vice President of Research Curt Long – in a new NAFCU Macro Data Flash report - credited the sharp slowdown to inaction on a new fiscal stimulus package and school closures.



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