This
week: Congress begins lame duck session, NCUA's Hood set to testify with financial regulators
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
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
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.
Last
chance to get NAFCU's 2020 CU Compliance Roadmap!
The must-have,
electronic resource for credit union compliance professionals is only available
for a few more days.
NAFCU
highlights CUs' compliance burden in response to CDFI proposals
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
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
"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?
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.
