CUNA generally supports NCUA’s proposal on subordinated debt but offered several suggestions to improve the rule.The proposal would permit low-income designated, complex and new credit unions to issue subordinated debt for purposes of regulatory capital treatment.
CUNA supports a bill that would make modernizations to the Electronic Signatures in Global and National Commerce Act’s provisions regarding requirements to consent to electronic disclosures. The E-Sign Modernization Act of 2020 was introduced Thursday.
A new opportunity for HR professionals to review current regulations is now available through CUNA HR Compliance Rule Changes Virtual Conference happening July 28 and 30. Attendees will address regulatory changes stemming from COVID-19.
The House Armed Services Committee passed its version of the fiscal year 2021 National Defense Authorization Act early Thursday without a provision expanding a military base lease exemption. CUNA and Leagues pushed to ensure the provision was not included.
The House and Senate passed a bill that would extend the deadline for applying for PPP loans to Aug. 8. The president is expected to sign it shortly. Though PPP still has approximately $130 billion in unspent funds, it expired by law June 30 at midnight.
CUNA wrote in support of the PPP Forgiveness Act Wednesday, a bill that would simplify forgiveness of PPP loans under $150,000. Credit unions have issued thousands of PPP loans, including more than 60,000 loans averaging $49,000 each from the smallest credit unions.
CUNA welcomed the new chairman of the Financial Accounting Standards Board Richard Jones, with a letter sent Wednesday. FASB is a standard-setting entity responsible for, among other things, the current expected credit loss (CECL) standard..
Credit union supporting Congressional candidates won in a dozen primaries in Colorado, Oklahoma and Utah Tuesday. Those candidates were backed by state credit union Leagues and CUNA’s political action committee, the Credit Union Legislative Action Council.
Lifting the credit union member business lending (MBL) cap would help small businesses and low-income families disproportionately impacted by the lockdowns, Young Voices’ John Kristof wrote this week on the Foundation for Economic Education site.
CUNA joined the National Governors Association and dozens of other organizations this week to write to Senate leadership to call for “more robust and direct stimulus” for state and local governments to rebuild the economy and maintain essential services.