This
week: NAFCU active as Phase 4 negotiations continue
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
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
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.
Watch
Condoleezza Rice keynote Virtual Congressional Caucus
Then provide
insights to Congress on how to help CUs grow.
Keynote presentation with support by Allied Solutions
NAFCU
updates PPP FAQs as forgiveness process begins
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
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.
