Also: NAFCU keeps close watch on capital, liquidity issues; NCUA encourages CUs to expand to underserved areas



NAFCU TODAY | The News You Need Daily.

January 11, 2021



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This week: PPP reopens today, NCUA meets Thursday [ [link removed] ]
The Small Business Administration (SBA) announced that the paycheck protection portal (PPP) will reopen today for community financial institutions – including minority depository institutions (MDIs) and community development financial institutions (CDFIs) – to submit applications for first-draw PPP loans. Wednesday, community financial institutions will be able to submit applications for second-draw PPP loans.


NAFCU watching issues related to CU capital, liquidity [ [link removed] ]
With chances of another stimulus package and economic impact payments (EIPs) to consumers increasing due to the results of the Georgia runoff elections, NAFCU is watching movement on legislation that could impact credit unions. Of note, the association is closely monitoring discussions related to rising concerns surrounding the impact economic relief efforts could have on credit union share growth.


NCUA encourages qualified CUs to expand to underserved areas [ [link removed] ]
The NCUA Friday encouraged credit unions to expand their services to underserved areas in a new Letter to Credit Unions. The agency noted that any federal credit union with a multiple common bond field of membership can include underserved communities, as defined by the Federal Credit Union Act, in its field of membership without regard to location. ​​​​​​​






NAFCU seeks CU input on NCUA's overdraft proposal [ [link removed] ]
NAFCU sent members a Regulatory Alert Friday detailing the NCUA's proposed rule on its existing overdraft policy to remove the requirement for federal credit unions (FCUs) to adopt, as part of their written overdraft policy, a 45-day maximum time limit for a member to either deposit funds or obtain an approved loan from the FCU to cover each overdraft.


December jobs report reveals losses, lopsided results [ [link removed] ]
The Bureau of Labor Statistics revealed non-farm payrolls fell 140,000 in December, with the unemployment rate remaining flat at 6.7 percent. NAFCU Chief Economist and Vice President of Research Curt Long noted these losses were "highly concentrated in restaurants, hotels, and casinos," and several other industries showed strong gains. Long analyzed the "lopsided" report in a new NAFCU Macro Data Flash report.



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