Also: NCUA releases 2021 supervisory priorities; Access new PPP FAQs as program opens to all lenders



NAFCU TODAY | The News You Need Daily.

January 19, 2021



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This week: Biden, Harris sworn in; PPP opens to all lenders [ [link removed] ]
President-elect Joe Biden and Vice President-elect Kamala Harris will be sworn into office tomorrow, officially beginning their four-year terms. NAFCU's award-winning advocacy team has previously met with their transition team to discuss credit union priorities and will continue to be active on Capitol Hill with the administration and lawmakers as legislative efforts begin.


NCUA releases 2021 supervisory priorities, pauses CECL examinations [ [link removed] ]
The NCUA released its 2021 supervisory priorities, with several items remaining from last year's initial and revised priorities. Of note, due to the ongoing coronavirus pandemic and the Financial Accounting Standards Board's (FASB) additional delay of current expected credit loss (CECL) standard compliance, "NCUA examiners will not be assessing credit unions' efforts to transition to the CECL standard until further notice."


NAFCU releases updated PPP FAQs for CUs [ [link removed] ]
Following the reopening of the paycheck protection program (PPP) portal and subsequent guidance from the Small Business Administration (SBA), NAFCU has updated its PPP FAQs to include new sections related to first- and second-draw PPP loans. The association has a number of resources, available online, specifically designed to help credit unions navigate the changing legislative and regulatory landscapes due to the ongoing coronavirus pandemic.






Biden to nominate new CFPB director [ [link removed] ]
President-elect Joe Biden is expected to nominate Rohit Chopra – currently a commissioner at the Federal Trade Commission (FTC) – to lead the CFPB.


Fed gives insights into economy, policy-setting efforts [ [link removed] ]
Several Federal Reserve Board governors gave economic updates last week, providing insights into the central bank's view of the economy and its policy-setting efforts. Fed Chairman Jerome Powell Thursday spoke to Princeton University's Bendheim Center for Finance, quelling speculation about its asset purchase program. NAFCU's Curt Long provided some additional context to the Fed's efforts.


Retail sales continued its fall in December, NAFCU expects sales to improve in January [ [link removed] ]
Total retail sales declined for the third consecutive month in December, dropping 0.7 percent after a 1.4 percent fall the previous month. Of note, the November number was revised down 0.3 percentage points.



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