SBA
announces PPP application window for small lenders, releases updated loan forgiveness data
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
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
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.
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CFPB
releases guidance on serving limited English proficiency consumers
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
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
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
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
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.
