This
week: PPP reopens today, NCUA meets Thursday
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
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
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.
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NAFCU
seeks CU input on NCUA's overdraft proposal
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
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.
