The Senate last week approved legislation extending the Paycheck Protection Program through May 31, a week after the House approved the same extension. The PPP was reauthorized at $284 billion earlier this year and was scheduled to expire March 31.

New provisions of the Anti-Money Laundering Act of 2020 will likely result in much activity around its implementation. National examination and supervisory priorities are expected to be established by July 1, with implementing regulations to follow before the end of the year. 

The NCUA Board unanimously approved by notation vote a 30-day extension of the comment period for its proposed rule on credit union service organizations, Part 712. The new due date will be published in the Federal Register in the near future. 

Federally insured credit unions can get valuable information on Bank Secrecy Act and anti-money laundering compliance during a National Credit Union Administration webinar scheduled for April 14. Registration is now open, and it is scheduled to begin at 2 p.m. (ET).

Credit unions ‘showing their work’ is critical to advocacy success, CUNA Chief Advocacy Officer Ryan Donovan said Tuesday at the CUNA GAC.

Both chambers of Congress are in session this week, and both are expected to consider the $1.9 trillion COVID relief legislation through the budget reconciliation process. The House Budget Committee will mark up its legislation starting Monday.

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Federal policymakers unveiled an omnibus spending bill Monday that would fund the federal government through Sept. 30, 2021 and includes several CUNA-sought provisions related to pandemic relief. Congress passed the measure Monday evening.

CUNA wrote to Congressional leadership Tuesday in support of increased funding for the Cooperative Development Program, and specifically for community-based credit unions in developing countries, specifically at $20 million as in Senate Appropriations Committee legislation.

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