Also: NAFCU requests longer CECL phase-in, flexibility from NCUA; New CEO Network promotes CU growth, connections
NAFCU TODAY | The News You Need Daily.
October 20, 2020
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As Senate preps PPP vote, NAFCU outlines forgiveness, EIDL concerns [ [link removed] ]
As the Senate today is expected to consider legislation to improve and provide more funds to the paycheck protection program (PPP), NAFCU joined with other trades representing credit unions and banks to urge lawmakers to address an issue related to the program: Borrowers who also received economic injury disaster loan (EIDL) advances are having those funds deducted from their forgivable PPP amount.
NAFCU reiterates need for CECL exemption, calls for longer phase-in [ [link removed] ]
In response to the NCUA's proposed rule to create a three-year phase-in of the day-one adverse impacts of the current expected credit loss (CECL) accounting standard on federally-insured credit unions' (FICUs) net worth ratio, NAFCU Senior Counsel for Research and Policy Andrew Morris expressed support for the concept, but also called for a longer phase-in option and additional examination flexibility.
NAFCU launches exclusive online community for CEOs [ [link removed] ]
As part of NAFCU's ongoing commitment to helping the credit union industry grow stronger and bring professionals together amid the coronavirus pandemic, the association has launched a new member-only online community – the NAFCU CEO Network. In just seconds, participants can pave the path for even greater success by easily connecting with other CEOs across the country to work through challenges, discover powerful new ideas, and share knowledge.
NCUA launches new initiative in support of financial inclusivity [ [link removed] ]
NCUA Chairman Rodney Hood Monday announced the launch of the agency's new Advancing Communities through Credit, Education, Stability and Support (ACCESS) initiative bringing together leaders from across the NCUA to modernize regulations, policies, and programs in support of greater financial inclusion.
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