SBA issues additional PPP guidance; NAFCU webinar to give detailed program overview
Amid the reopening of the paycheck protection program (PPP) portal, the Small Business Administration (SBA) – in consultation with the Treasury Department – continues to release additional updates and guidance for lenders that credit unions should be aware of.

Senate expected to begin cabinet confirmations soon following Biden inauguration
Senate committees this week held confirmation hearings on several of President Joe Biden's nominations for cabinet positions. Former Federal Reserve Chair Janet Yellen Tuesday testified before the Senate Finance Committee for her nomination as Treasury Secretary, during which she outlined her vision for supporting economic recovery from the coronavirus pandemic.

Kraninger resigns from CFPB
CFPB Director Kathy Kraninger resigned from her position Wednesday. President Joe Biden recently announced his intent to nominate Rohit Chopra, a commissioner at the Federal Trade Commission (FTC), to lead the bureau.

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Report identifies ways to address PPP shortfalls
The Small Business Administration's (SBA) Office of Inspector General (OIG) last week issued a report on its review of the paycheck protection program's initial implementation, which it determined was not done effectively. The OIG outlined recommendations to verify eligibility of loan recipients, address fraud vulnerabilities, and ensure the PPP is meeting its objectives.

FI regulators finalize rule related to supervisory guidance
Federal financial institution regulators – including the NCUA and CFPB – Tuesday finalized a rule codifying the 2018 interagency statement that clarified the differences between regulations and supervisory guidance. NAFCU recently provided feedback to the agencies on the proposal, highlighting the need for better coordination between regulators and transparent guidance.

NAFCU Reg Committee discusses recent rulemakings, cybersecurity
NAFCU's Regulatory Committee met Tuesday and discussed a number of proposed rulemakings currently open for comment from the NCUA and CFPB. NAFCU also provided an overview of recent developments related to cybersecurity.

FinCEN announces enforcement action against Capital One, $390 million penalty
The Financial Crimes Enforcement Network (FinCEN) Friday announced a new enforcement action against Capital One Bank for engaging in both willful and negligent violations of the Bank Secrecy Act (BSA) and its implementing regulations. The agency has assessed a $390 million civil money penalty for the violations.

FHFA moratorium on foreclosures, evictions extended
The Federal Housing Finance Agency (FHFA) has extended its moratorium on foreclosures and evictions to Feb. 28. The policy applies to government-sponsored enterprise (GSE)-backed single-family mortgages and GSE-owned properties.

NAFCU cancels 54th annual conference
Due to the ongoing coronavirus pandemic and the high volume of expected in-person attendees, NAFCU has canceled its 54th Annual Conference and Solutions Expo. NAFCU's executives meet daily to discuss the pandemic – including feedback from members and CDC guidance – and are taking steps to ensure credit unions remain safe, operational, and informed of developments.