Also: New GAO report outlines PPP concerns, recommendations; House proposes short-term funding through Dec. 11



NAFCU TODAY | The News You Need Daily.

September 22, 2020



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Over 50 bipartisan lawmakers back NAFCU advocacy against NDAA nominal lease provision [ [link removed] ]
A bipartisan group of 51 representatives, led by Reps. Jackie Speier, D-Calif., John Garamendi, D-Calif., and Paul Cook, R-Calif., sent a letter to the chairs and ranking members of the House and Senate Armed Services Committees urging rejection of a NAFCU-opposed provision included in the Senate's fiscal year 2021 National Defense Authorization Act (NDAA) that would require the Department of Defense (DoD) to treat banks, including big ones like Wells Fargo and Bank of America, the same as credit unions when it comes to nominal leases on military bases.  No such provision in included in the House-passed version of the NDAA.


New GAO report details PPP loan forgiveness obstacles, recommendations [ [link removed] ]
The Government Accountability Office (GAO) released a report Monday detailing findings from a review of the Small Business Administration's (SBA) paycheck protection program (PPP) and loan forgiveness process. Previously, NAFCU responded to the GAO's questions on the program's loan forgiveness process and is listed in the report as an organization interviewed.


House stopgap bill would fund gov't through Dec. 11 [ [link removed] ]
House Democrats Monday introduced legislation to prevent a government shutdown and provide funding for federal agencies through Dec. 11. Current federal funding is set to expire at midnight Sept. 30; NAFCU consistently advocates for continuous government funding to provide stability and certainty to credit unions and their members.






Join NAFCU for Washington update next week [ [link removed] ]
NAFCU President and CEO Dan Berger and leaders from the association's award-winning advocacy team will update member credit unions on the latest happenings in Washington – related to the coronavirus pandemic, government funding and relief efforts, presidential election and more – during a member webinar next week.


NAFCU reiterates CU priorities ahead of Treasury, Fed pandemic response oversight hearing [ [link removed] ]
Ahead of today's House Financial Services Committee oversight hearing to review the Treasury Department and Federal Reserve's response to the coronavirus pandemic, NAFCU Vice President of Legislative Affairs Brad Thaler shared how credit unions are working to assist their members and outlined areas where additional relief is needed. Both Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell are slated to appear before the committee.


Fed seeks feedback on CRA updates [ [link removed] ]
The Federal Reserve Monday issued an advance notice of proposed rulemaking (ANPR) seeking public feedback on how to modernize the Community Reinvestment Act (CRA). While credit unions are not subject to the CRA, NAFCU has worked to ensure CRA requirements are not extended to credit unions and has advocated that all credit unions be allowed to add underserved areas to their fields of membership.


How does HUD's disparate impact rule affect CUs? [ [link removed] ]
A new NAFCU Final Regulatory Alert, sent to member credit unions Monday, breaks down the Department of Housing and Urban Development's (HUD) final rule to amend the Fair Housing Act's disparate impact standard. Consistent with NAFCU's recommendation, the final rule aligns standards for disparate impact claims more closely with a 2015 Supreme Court decision.



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