Bipartisan Paycheck Protection Program forgiveness legislation should be included in the current pandemic relief package being negotiated in the Senate, CUNA wrote Senate Majority Leader Mitch McConnell (R-Ky.) Wednesday.
CUNA supports FinCEN’s efforts to update burden estimates in order to more accurately understand the regulatory compliance costs to financial institutions and agrees that certain burdens are relevant calculating the true costs of complying with CIP regulations.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) wrote to the heads of federal financial regulators, including NCUA Chairman Rodney Hood, recently on the PPP's effect on certain asset-based regulatory thresholds.
CUNA remains strongly supportive of the FHFA's efforts to ensure the GSE meet their public mission. Both GSE single-family and multifamily housing goals for 2021 will remain the same as the 2018-2020 levels, but the agency will engage in a new rulemaking.
Washington, D.C. media has taken notice as credit unions roll out support for candidates that champion credit union priorities prior to the Nov. 3 election. CUNA and the Credit Union Legislative Action Council, its federal PAC, have announced support for candidates on both sides of the aisle, in House and Senate races, part of an overall $7 million CUNA is on track to spend in the 2020 cycle.
The SBA Thursday released a simpler loan forgiveness application for Paycheck Protection Program loans of $50,000 or less and also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
The NCUA board will receive a briefing on COVID-19 related cybersecurity concerns, among other items on the agenda for its Oct. 15 meeting, including a final rule on corporate credit unions. The meeting will be via live audio stream.
Comments on NCUA’s current expected credit loss (CECL) proposal are among several comment deadlines for credit unions during October. CUNA calls on credit unions to submit comments and has prepared a summary of the proposal.
CUNA and its federal PAC, the Credit Union Legislative Action Council, wrapped up its $7 million effort aimed at electing credit union champions with a series of independent expenditures and member communications aimed at reelecting three vulnerable incumbents in the U.S. House.
Bankers agree to be acquired by credit unions after bankers examine all options in front of them and believe a credit union is the best option, CUNA Chief Advocacy Officer Ryan Donovan told Banking Dive this week.