Also: Morris updates CUs on SolarWinds breach in new network post; NCUA Board to consider RBC, net worth, more today



NAFCU TODAY | The News You Need Daily.

January 14, 2021



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SBA announces PPP application window for small lenders, releases updated loan forgiveness data [ [link removed] ]
The Small Business Administration (SBA) has announced that lenders with less than $1 billion in assets will be able to submit paycheck protection program (PPP) applications starting tomorrow. All other lenders will gain access to the program Tuesday, Jan. 19.


Morris provides update on SolarWinds breach, cybersecurity landscape [ [link removed] ]
As details on the data breach of IT vendor SolarWinds – which compromised several U.S. government agencies – continue to develop, NAFCU Senior Counsel for Research and Policy Andrew Morris provided member credit unions with insights into the breach and the cybersecurity landscape in a new post on the NAFCU Cybersecurity & IT Network.


NCUA Board set to discuss risk-based capital, net worth today [ [link removed] ]
The NCUA Board meets today and is expected to issue a final rule related to corporate credit unions and proposed rules to address the risk-based net worth complex threshold and credit union service organizations (CUSOs). In addition, the board is expected to issue an advance notice of proposed rulemaking to simplify risk-based capital (RBC) requirements and a notice of proposed rulemaking related to the CAMELs rating system. 






CFPB releases guidance on serving limited English proficiency consumers [ [link removed] ]
In efforts to foster an inclusive financial system, the CFPB Wednesday released a new statement on serving limited English proficiency (LEP) consumers, including principles to inform and guide financial institutions in their decision making and guidelines institutions can use to develop related compliance solutions.


IRS issues updated guidance on EIPs [ [link removed] ]
This week the IRS issued an updated statement regarding economic impact payments (EIPs) specifically concerning taxpayers who didn't receive the second EIP due to temporary bank accounts identified in their records labeled as closed; this includes individuals who used tax preparer services for their 2019 taxes.


Rise in COVID cases curbs short-term economic outlook [ [link removed] ]
The Federal Reserve's Beige Book released Wednesday revealed diminished business optimism for 2021 growth as coronavirus cases have risen in recent weeks and are expected to impact businesses in the short-term.


NAFCU seeks CU input on NCUA communication methods [ [link removed] ]
NAFCU sent members a Regulatory Alert Wednesday outlining the NCUA's request for information (RFI) related to its communication methods in an effort to increase transparency and promote efficiency. The association outlined the RFI and provided several items for consideration as credit unions offer feedback on this topic.


CPI rises slightly in December, driven by fuel and apparel prices [ [link removed] ]
On a seasonally-adjusted basis, overall consumer prices rose 0.4 percent in December, with the Bureau of Labor Statistics reporting the overall consumer price index (CPI) grew 1.3 percent over the 12-month period. In a new Macro Data Flash report, NAFCU Chief Economist and Vice President of Research Curt Long noted that most of the inflation was concentrated in fuel and apparel prices.



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