Also: Congress nears COVID relief deal; Long shares insights into economy, recovery on CUbroadcast



NAFCU TODAY | The News You Need Daily.

December 17, 2020



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NCUA kicks off 2-day meeting today [ [link removed] ]
The NCUA Board – now filled after Kyle Hauptman was sworn into his seat earlier this week – begins a two-day meeting today. There are several NAFCU-sought items to be discussed today and tomorrow, and the association will keep credit unions updated on the discussions and final actions.


Congress nears COVID relief deal [ [link removed] ]
Following Tuesday's meeting with Republican and Democratic congressional leadership, lawmakers are close to sealing a deal on additional coronavirus relief. The proposal is expected to extend the Small Business Administration's (SBA) paycheck protection program (PPP), allow certain borrowers to apply for a second PPP loan, and include NAFCU-sought provisions to simplify the PPP loan forgiveness process for loans under $150,000.


Long on CUbroadcast: Stimulus package is important to economic recovery [ [link removed] ]
Joining CUbroadcast, NAFCU Chief Economist and Vice President of Research Curt Long discussed the November jobs report, the state of the economy, and the importance of a new stimulus package.






NAFCU Network Spotlight: Q&A with Oregon State CU's Craig Cole [ [link removed] ]
NAFCU's inside look at its seven complimentary, member-only networks continues today with a Q&A featuring Oregon State Credit Union Executive Vice President and Chief Information Officer Craig Cole. See how Cole thinks the Cybersecurity & IT Network can help strengthen protocols across the industry.


Fed holds rates; CUs should expect a long period of low rates [ [link removed] ]
The Federal Open Market Committee (FOMC) voted via videoconference Wednesday to maintain the federal funds target rate at its current range of 0 to 0.25 percent as the economy continues to recover from the effects of the coronavirus pandemic. During his post-meeting press conference, Chairman Jerome Powell acknowledged that there could be a pop in inflation next year once vaccines are more widely distributed, but indicated that the Fed is inclined to view such a price as being transient.


Retail sales fall in November; NAFCU expects rocky months ahead [ [link removed] ]
Total retail sales fell 1.1 percent in November, following a 0.1 percent drop in the previous month. Of note, the October number was revised down 0.4 percentage points.



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