Also: Reps to SBA, Treasury: Provide more PPP forgiveness relief; NAFCU, trades outline concerns with payments charters
NAFCU TODAY | The News You Need Daily.
October 14, 2020
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FinCEN advises FIs on unemployment insurance fraud [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) Tuesday issued a new advisory alerting financial institutions to the rise of unemployment insurance fraud amid the coronavirus pandemic. According to the Department of Labor's most recent data, 840,000 claims were submitted for the week ending Oct. 3 and insured unemployment's four-week rolling average was over 12 million.
SBA clarifies date on PPP forgiveness applications; Lawmakers urge more relief [ [link removed] ]
The Small Business Administration (SBA) has a new FAQ for its paycheck protection program (PPP) addressing the date by which borrowers need to apply for forgiveness. In addition, following last week's release of a simplified forgiveness application for loans under $50,000, more than 50 Republican representatives called on SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin to further reduce burdens under the forgiveness process.
NAFCU, trades urge proper regulation, oversight of payments charters [ [link removed] ]
In a letter to Congress, NAFCU joined with several other financial services industry organizations to outline concerns with the Office of the Comptroller of the Currency's (OCC) newly proposed special purpose payments charter for non-bank and to oppose the OCC's "effort to grant commercial companies like Amazon and Facebook a national payments charter to access the Federal Reserve payments system and safety net."
NAFCU Reg Committee looks forward to 2021 reg priorities, tackles potential election outcomes [ [link removed] ]
NAFCU's Regulatory Committee met yesterday and discussed current initiatives and rulemaking efforts underway, the potential impacts of various election outcomes on the credit union industry, and regulatory priorities on the horizon.
Economic trends, CEO panel, more kick off Virtual Lending Conference [ [link removed] ]
NAFCU's Virtual Lending Conference – a must-attend event designed to help credit unions maximize their lending programs to effectively compete in today's everchanging marketplace – kicks off today via a reimagined digital format. The conference continues tomorrow and will be available on-demand following the event.
Q3 consumer prices see solid recovery, says NAFCU [ [link removed] ]
The Bureau of Labor Statistics reported that overall consumer prices rose 0.2 percent on a seasonally-adjusted basis in September and that the overall consumer price index (CPI) grew 1.4 percent over the 12-month period.
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