The Federal Reserve Board announced it will extend for a final time its Paycheck Protection Program Liquidity Facility by an additional month to July 30. The extension is being made as an operational accommodation to allow additional processing time.

CUNA Senior Economist Jordan van Rijn spoke with The Wall Street Journal recently about the stalled downward jobless claims in the U.S. According to the article, the stall is among several signs the labor market is gradually recovering.

The House voted to nullify the Office of the Comptroller of the Currency’s “true lender” proposal. The joint resolution having passed the Senate in May, the rule will now be nullified with the signature of President Joe Biden. CUNA wrote to the House earlier this week supporting the resolution of disapproval and supported the Senate’s action as well.

FHFA announced Thursday that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until July 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only.

President Joe Biden named Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA) this week. Her appointment follows Wednesday’s U.S. Supreme Court decision that found the president may remove the FHFA director at will

The Financial Services and General Government Appropriations Act for Fiscal Year 2022 contains includes $320 million for the Community Development Financial Institutions Fund and $4 million for the Community Development Revolving Loan Fund.

NCUA finalized rules on the current expected credit loss transition methodology and capitalization of interest Thursday at its board meeting. The board also voted to affirm the 18% interest rate cap on loans made by federal credit unions through March 2023.

The OCC's “true lender” proposal could be exploited to promote “rent-a-charter” arrangements, CUNA wrote to House leadership Wednesday. The House will vote on a resolution of disapproval for the proposal, which would nullify it under the Congressional Review Act.

The U.S. Supreme Court ruled Wednesday that the director of the Federal Housing Finance Agency can be removed at will by the president, overturning the current structure that allows the director to be removed before the end of their five-year term for cause. The decision in Collins v. Yellen found that the FHFA’s structure is unconstitutional.

CUNA strongly supports funding amounts for the Treasury’s CDFI Fund and NCUA’s CDRLF. President Joe Biden’s budget request for FY22 includes $320 million for the CDFI Fund and $2 million for the CDRLF.