Also: NAFCU, trades call for BSA/AML reforms in NDAA; Corporate CUs rule, derivatives on NCUA agenda



NAFCU TODAY | The News You Need Daily.

October 9, 2020



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SBA announces simpler forgiveness for loans under $50K, updates FAQs [ [link removed] ]
The Small Business Administration (SBA) and Treasury Department Thursday released a simpler loan forgiveness application for paycheck protection program (PPP) loans under $50,000. The SBA also published a notice to platform authorizing officials that the agency has begun remitting loan forgiveness payments to lenders.


NAFCU, trades urge BSA/AML/beneficial ownership reforms be included in NDAA [ [link removed] ]
NAFCU joined with dozens of other organizations this week to urge leaders of the Senate and House Armed Services Committees to include Bank Secrecy Act (BSA)/anti-money laundering (AML) and beneficial ownership reforms in the fiscal year 2021 National Defense Authorization Act (NDAA).


NAFCU-supported corporate CUs rule, more on NCUA Board agenda [ [link removed] ]
The NCUA Board next week is set to issue a final rule on corporate credit unions – first proposed at the board's February meeting – in addition to a proposed rule related to derivatives. The board will also issue a request for information (RFI) regarding its supervisory guidance and potential improvements in future communications.






5 things to know: Cybersecurity edition [ [link removed] ]
October is National Cybersecurity Awareness Month. NAFCU closely follows cybersecurity issues to keep credit unions informed of threats and compliance resources, and continues to be a leader in calling for national data security and privacy standards. For those short on time, here's a roundup of recently-released reports to ensure your institution is aware of and prepared for cybersecurity threats.


This week on the Compliance Blog: FOM changes, COVID-19 impact on exams, holiday processing [ [link removed] ]
As credit unions work to meet members' needs during the coronavirus pandemic and resume normal operations, NAFCU's award-winning Regulatory Compliance Team will continue to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.


Consumer credit falls for first time in two months [ [link removed] ]
Total consumer credit fell 2.1 percent in August (seasonally-adjusted, annualized) after two months of solid gains. However, NAFCU Chief Economist and Vice President of Research Curt Long highlighted that this represented a 0.4 percent increase when compared to year ago levels.


NAFCU closed Monday for Columbus Day [ [link removed] ]
NAFCU's offices will be closed Monday in observance of Columbus Day, but members will still have access to the association's website for resources and upcoming events, including the latest regulatory and legislative developments related to the coronavirus pandemic. Here are a few recent developments to be aware of.



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