CUNA and the Leagues wrote a letter to the Small Business Administration (SBA) and the Treasury Friday to seek clarity on Paycheck Protection Program (PPP) loan forgiveness.

NCUA’s latest Letter to Credit Unions provides an update to the agency’s offsite examination and supervision approach due to the ongoing coronavirus disease (COVID-19) pandemic, changes as of June 1.

The ICBA) has requested an investigation from NCUA’s Inspector General on the agency’s decision to change the methodology used to determine whether a credit union qualifies for the low-income designation by fully considering military personnel. NCUA Chairman Rodney Hood announced the change in early May.

The SBA announced Thursday it is setting aside $10 billion of Paycheck Protection Program Round 2 funding to be lent exclusively by CDFIs. As of May 23 CDFIs have approved more than $7 billion ($3.2 billion in Round 2) in PPP loans.

The House passed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) with a 417-1 vote Thursday. CUNA has called for further improvements to the PPP process.

NCUA Board Member Todd Harper encouraged credit unions to join the Central Liquidity Facility and outlined the agency’s priorities during the pandemic last week in a call with CUNA’s Examination and Supervision Subcommittee.

CUNA supports NCUA’s changes to rules and regulations supporting credit unions making Paycheck Protection Program (PPP) loans, CUNA wrote to the agency Wednesday. NCUA approved by notation vote in April an interim final rule amending certain regulations for PPP loans.

NCUA Chairman Rodney Hood wrote FCC Chairman Ajit Pai this week in support of CUNA’s petition to offer clarity for the treatment of COVID-19 related calls under the TCPA. CUNA has called on the FCC to issue some form of guidance or provide clarity on this issue.

NCUA Monday responded to a petition by the American Bankers Association in its case against NCUA's field of membership rule. CUNA stands in support of the rule and the NCUA’s authority to provide oversight for the credit union movement.

The SBA and Treasury Friday released two interim final rules providing PPP guidance to help borrowers and lenders. CUNA’s CompBlog contains a detailed analysis of the rules and what they mean for PPP lenders and borrowers.