Over
50 bipartisan lawmakers back NAFCU advocacy against NDAA nominal lease provision
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
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
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.
NAFCU's Credit
Union Compliance Roadmap is now available!
NAFCU's Credit Union
Compliance GPS is now the Credit Union Compliance Roadmap. Download a sneak peek
today!
Join
NAFCU for Washington update next week
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
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
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?
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.
