This
week: Gov't funding deadline looms; First presidential debate
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
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
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.
This
Thursday: NAFCU Q3 Member Webinar
Join NAFCU President and CEO
Dan Berger and the association's award-winning advocacy team as they discuss the
latest on the fiscal year 2021 NDAA, the 2020 presidential election, and more.
CUs:
How can you strengthen your lending portfolio amid the pandemic?
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
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.
