Also: FASB to host CECL roundtable May 20; SBA data shows $8B in new PPP loans approved



NAFCU TODAY | The News You Need Daily.

April 21, 2021



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New Compliance Monitor tackles fair lending exams, recent court decisions [ [link removed] ]
The new edition of NAFCU's Compliance Monitor – a member-only, digital compliance resource – features a review of the current focus on fair lending exams, including an outline of the factors the NCUA will use to determine whether a federal credit union demonstrates potential high fair lending risk. In addition, the Monitor breaks down two recent court cases that are noteworthy for credit unions.


FASB to host CECL roundtable May 20 [ [link removed] ]
The Financial Accounting Standards Board (FASB) is hosting a roundtable on the current expected credit loss (CECL) standard May 20. The standard is set to take effect for credit unions in 2023; NAFCU continues to urge FASB to grant credit unions an exemption given their unique structure and potential impacts on capital and net worth classifications.


$8B in PPP loans made last week; lawmakers review fraud [ [link removed] ]
Lenders are continuing to get small businesses access to credit through the Small Business Administration's (SBA) paycheck protection program (PPP). According to new data released by the agency, roughly $8 billion of loans were approved over the past week. While the program runs through March 31, the House Small Business Committee Tuesday discussed the SBA's implementation of its coronavirus relief programs, including reports of fraud.






Senators talk rural economy, importance of CDFIs, disruptions posed by fintechs, more [ [link removed] ]
NAFCU Tuesday monitored the Senate Banking Committee's hearing to examine the economy of rural areas during which Bill Bynum, president and CEO of NAFCU-member Hope Credit Union located in Jackson, Miss., testified before the committee and offered the credit union perspective. During his testimony, Bynum stressed the need for further funding for community development financial institutions (CDFIs) and expanded access to financial services in rural areas.



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