CUNA addressed many of the challenges facing credit unions during implementation of COVID-19 relief legislation in a letter to the Senate Banking Committee prior to Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell's testimony.
Credit unions can bring billions of dollars into the economy with no cost to the government through changes to the credit union member business lending cap of 12.25% of assets to help America’s communities as they recover from the pandemic.
The SBA and Treasury released the Paycheck Protection Program loan forgiveness application and detailed instructions for the application informing borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act.
The House passed the HEROES Act Friday night, the latest proposal to provide relief from the coronavirus disease (COVID-19) pandemic. CUNA supports several provisions in the bill and has concerns with others.
CUNA wrote to the Small Business Administration Friday with comments on operational and legal issues stemming from the implementation of the Paycheck Protection Program. Implementation of the PPP has necessitated five related interim final rules.
CUNA wrote to House leadership Friday morning with feedback on the HEROES Act of 2020, the latest proposed phase of COVID-19 relief legislation, including support for some provisions and concerns with others.
The NCUA board will consider a proposed rule on joint ownership accounts, as well as interim final rules on prompt corrective action and overdraft policy at its May 21 meeting, which will be open via live audio webcast only.
The CFPB released a statement and FAQ document outlining the responsibility of credit card issuers and open-end non-home secured creditors during the pandemic, detailing billing error responsibilities under Regulation Z, the payments and deposits rule, and the open end (not home-secured) rules.
The FHFA announced that Fannie Mae and Freddie Mac are making available a new payment deferral option for borrowers. The move comes after CUNA engagement with FHFA calling for clarity on how the GSEs will address borrowers impacted by the pandemic.