The Senate is expected to release its version of the next phase of coronavirus legislation this week, while the House will consider a “minibus” appropriations bill. CFPB Director Kathy Kraninger is expected to testify before House and Senate Committees as well.
CUNA supports FinCEN updating the Paperwork Reduction Act requirements for complying with the BSA regulation that requires financial institutions to file SARs Adjustment to the PRA burden calculatio because it will lead to greater accuracy in detailing the true cost to a financial institution for filing a SAR.
CUNA issued an action alert Monday calling on credit union stakeholders to support House and Senate bills that would simplify PPP loan forgiveness. The bills would allow small businesses that have received PPP loans of $150,000 and less to have their loans forgiven.
The COVID-19 pandemic has caused a disruption to U.S. coin circulation and Americans are urged to use their coins, according to a statement released by the U.S. Coin Task Force. CUNA is a member of the U.S. Coin Task Force.
The Consumer Financial Protection Bureau last week issued updated dollar amount thresholds in Regulation Z for the minimum interest charge, Credit Card penalty fee amounts HOEPA loans and Qualified Mortgages. These changes are effective Jan. 1, 2021.
CUNA fully supports a bill from Rep Chrissy Houlahan (D-Pa.) and Rep Fred Upton (R-Mich.) that would simplify loan forgiveness from the Paycheck Protection Program (PPP). Houlahan and Upton introduced the bill Friday.
The House passed a “minibus” appropriations bill Friday, legislation containing funding for the several government agencies. It includes $17 million for the CUNA-supported Cooperative Development Program, which funds initiatives run by the World Council around the globe.
The COVID-19 pandemic has led to the disruption of supply channels o circulating coinage, the U.S. Mint said in a recent statement. The agency urges consumers to pay for things with exact change and return spare share into circulation.
The CFPB is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with Section 1071 of the Dodd Frank Act. The survey is available on the CFPB’s website and will remain open until Oct. 1.
The E-SIGN Modernization Act should be included in the next phase of COVID-19 relief legislation, which would remove the requirement in the E-SIGN Act requiring consumers to reasonably demonstrate their ability to access information electronically prior to consenting to electronic records