PPP
report flags potential fraud, abuse
Following Tuesday's hearing
with Treasury Secretary Steven Mnuchin, the House Select Subcommittee on the Coronavirus
Pandemic released a preliminary analysis of the paycheck protection program (PPP),
which found that "billions of dollars in PPP loans may have been diverted to fraud, waste, and abuse."
CFPB
report details early coronavirus impact on consumer credit
The CFPB
Monday released a report examining the early effects of the coronavirus pandemic
on consumer credit. The report, which focused on mortgage, student and auto loans,
and credit card accounts, found that consumers had not experienced significant
increases in delinquency or other negative credit outcomes at the onset of the pandemic.
Beige
Book shows modest rebound in overall economic activity
The Federal
Reserve's Beige Book released Wednesday detailed a modest rebound in economic
activity in most districts; however, activity remained well below pre-coronavirus
pandemic levels. Consumer spending continued to pick up, sparked by strong vehicle
sales and some improvements in tourism and retail sectors but a slowing pace of growth was noted in many districts.
Watch
Sec. Condoleezza Rice keynote Virtual Congressional Caucus
Then
provide insights to Congress on how to help CUs grow.
Keynote presentation with support by Allied Solutions
CFPB
offers resources to help consumers access EIPs
The CFPB is working
with the IRS to reach as many of the several million people who have not yet received
an economic impact payment (EIP) and has developed a guide to assist intermediaries
in helping consumers access EIPs. In addition, to ensure the guide is as accessible
and clear as possible, the bureau has posted a new blog post and is offering two webinars on this topic.
Vehicle
sales continue recovery, NAFCU expects gains to slow
Total vehicle
sales continued to recover in August, rising from July's 14.6 million annualized
units to 15.2 million during the month. NAFCU Chief Economist and Vice President
of Research Curt Long noted that while this represents a four-month rise since
bottoming out, sales remain 11 percent below prior-year levels.
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