Also: Biden to be next U.S. president; SBA ordered to release more PPP, EIDL loan information



NAFCU TODAY | The News You Need Daily.

November 9, 2020



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This week: Congress begins lame duck session, NCUA's Hood set to testify with financial regulators [ [link removed] ]
After former Vice President Joe Biden was projected to win the presidential election over the weekend, members of the House and Senate are expected to return to Washington this week to begin Congress' lame duck session. NAFCU's award-winning government affairs team will move forward with its post-election strategy to ensure credit union issues remain at the forefront as coronavirus relief negotiations resume.


Biden to be next U.S. president [ [link removed] ]
Former Vice President Joe Biden is projected to win the 2020 presidential election after weekend announcements in Pennsylvania and Nevada put him over the 270 electoral votes threshold needed to win the presidential race. Vote counting continues in Georgia, Arizona, and North Carolina – where current tallies are too close to call – as well as Alaska.


District court orders SBA to release PPP, EIDL loan information [ [link removed] ]
The U.S. District Court for the District of Columbia last week ordered the Small Business Administration (SBA) to release the names, addresses, and loan amounts for all paycheck protection program (PPP) and economic injury disaster loan (EIDL) recipients by Nov. 19, 2020.






NAFCU highlights CUs' compliance burden in response to CDFI proposals [ [link removed] ]
NAFCU last week shared credit unions' feedback in response to the Treasury Department's Community Development Financial Institutions (CDFI) Fund's request for comment on its CDFI certification application and proposed changes to data collection through the annual certification and data collection reform (ACR) form and new certification transaction level report (CTLR). NAFCU has continuously called for the strengthening of the CDFI Fund and has sought additional emergency funding for the program amid the coronavirus pandemic.


CFPB approves new small-dollar loan NAL, tests consumer disclosures [ [link removed] ]
The CFPB last week approved a no-action letter (NAL) for Bank of America related to certain small-dollar credit products. The bureau earlier this year released an NAL template for small-dollar lenders – as well as one for mortgage servicers – to assist entities looking to provide consumers with relief amid the coronavirus pandemic.


After October jobs report, NAFCU expects 'steady' job gains in coming months [ [link removed] ]
"The October employment report indicated a similar number of jobs added as in September, but the underlying details were more positive," said NAFCU Chief Economist and Vice President of Research Curt Long. Non-farm payrolls rose 638,000 during the month, and while the unemployment rate fell 1 percentage point to 7.9 percent, the labor participation rate increased 0.3 percentage points to 61.7 percent.


CUs: Does interagency rule improve transparency, consistency of guidance? [ [link removed] ]
As the federal financial regulators, including the NCUA, work to clarify the role of agency guidance and the difference between guidance and regulation, NAFCU is seeking member credit unions' feedback on whether the related proposed interagency rule accomplishes those goals.



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