Also: FSOC warns of GSEs' potential risk to financial system; Lawmakers review PPP forgiveness process



NAFCU TODAY | The News You Need Daily.

September 28, 2020



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This week: Gov't funding deadline looms; First presidential debate [ [link removed] ]
After starting consideration of a short-term funding deal last week, the Senate is expected to advance the measure to the president before current federal funding expires at midnight Wednesday – averting a government shutdown. NAFCU will keep credit unions informed of funding discussions and continue advocating for full funding of credit union priorities.


FSOC: GSEs' activities pose potential risk to financial system [ [link removed] ]
The Financial Stability Oversight Council (FSOC) Friday met to discuss its activity-based review of the secondary mortgage market and acknowledged that the government-sponsored enterprises' (GSEs) activities, if not mitigated, pose a risk to the financial system. The Council warned that should the GSEs fail, access to capital for first-time homebuyers could be significantly reduced.


NAFCU urges action on PPP forgiveness as House subcommittee reviews forgiveness process [ [link removed] ]
The House Small Business Committee’s Subcommittee on Economic Growth, Tax, and Capital Access heard concerns and problems with the Small Business Administration’s (SBA) paycheck protection program (PPP) loan forgiveness process at a hearing examining PPP forgiveness on Friday. Three small business representatives and one regional bank lender witness discussed how the SBA’s incremental rollout of guidance has added to the confusion already present within the loan forgiveness process.






CUs: How can you strengthen your lending portfolio amid the pandemic? [ [link removed] ]
Does your credit union have the right tools in place to keep its lending portfolio strong throughout the current economic downturn? NAFCU's Virtual Lending Conference – happening Oct. 14-15 – will educate credit union professionals on ways to maximize their lending programs to effectively compete in today's everchanging marketplace.


108 CUs among Treasury’s CDFI awardees [ [link removed] ]
The Treasury Department last week announced 357 organizations – of which 108 are credit unions – were awarded $187.3 million in awards. The awards, made through the fiscal year 2020 round of the Community Development Financial Institutions (CDFI) Program and the Native American CDFI Assistance (NACA) Program, will enable CDFIs to increase lending and investment activity in low-income, economically distressed communities across the country.



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