Also: SBA forgives $38B in PPP loans; Private flood insurance proposed rule would address NAFCU concern



NAFCU TODAY | The News You Need Daily.

November 24, 2020



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GAO to CFPB: Update FIs' privacy disclosures [ [link removed] ]
The Government Accountability Office (GAO) found that "the form institutions use to provide privacy notices to consumers does not give a complete picture of the information collected and shared" following its review of the personal information financial institutions collect on consumers and share with other entities, and how these details are disclosed to consumers.


SBA forgives $38B in PPP loans [ [link removed] ]
The Small Business Administration (SBA) has made 367,321 payments to paycheck protection program (PPP) borrowers, forgiving more than $38 billion in PPP loans so far. The SBA's newly released data show that 595,144 forgiveness decision summaries have been submitted by lenders totaling $83.2 billion.


Proposed rule would address NAFCU-flagged private flood insurance issue [ [link removed] ]
The Department of Housing and Urban Development (HUD) Monday published a proposed rulemaking allowing private flood insurance for mortgages insured by the Federal Housing Agency (FHA). NAFCU previously flagged this issue in a letter sent to the NCUA in response to the federal financial regulators working to update flood insurance Q&As.






BSA Blast details COVID-19 unemployment insurance fraud, FinCEN files [ [link removed] ]
A new edition of NAFCU's BSA Blast – in its user-friendly digital format with direct links to each section – is now available on the association's website. The November issue details a surge in unemployment insurance fraud amid the coronavirus pandemic, as well as leaked documents related to financial crimes.


Get ready for NAFCU's Cyber Monday sale [ [link removed] ]
NAFCU's upcoming Cyber Monday sale – offering price reductions on almost all the association's 2021 conferences – is a great time for credit union professionals to register for the training and education needed to take your career and institution to the next level.


Mastercard report reveals a switch to conscious shopping this holiday season [ [link removed] ]
As the coronavirus pandemic continues to reshape the shopping experience, 55 percent of Americans still plan to partake in holiday shopping this year, according to Mastercard’s 2020 Holiday Consumer Sentiment report. The report – issued earlier this month – notes the emergence of a more "conscious shopper" this holiday season.


CFPB webinar today to explore serving military members [ [link removed] ]
The CFPB today, along with the Department of Defense, Veterans Affairs, Federal Trade Commission, Department of Housing and Urban Development, Federal Housing Finance Agency, and Blue Star Families, is hosting a webinar to discuss resources available for servicemembers to ensure financial readiness and protection.


NAFCU closed Wednesday through Friday for Thanksgiving [ [link removed] ]
NAFCU's offices will be closed tomorrow, Thursday and Friday in observance of the Thanksgiving holiday, 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.



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