This
week: Biden, Harris sworn in; PPP opens to all lenders
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
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
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.
Forward
Thinking Strategies to Help Your CU Thrive, Not Just Survive
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NAFCU's Virtual Strategic Growth Conference to gain insights and best practices
for pushing your CU growth forward.
Biden
to nominate new CFPB director
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
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
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.
