The Federal Reserve announced it will conduct two webinars April 6 on the distribution of federal stimulus payments to individual taxpayers and small businesses, and important information regarding the distribution of cash to financial institutions.
CUNA, the Michigan Credit Union League and Northwest Credit Union Association have released video and digital advertisements that credit unions can use to inform members and communities how they are responding to the coronavirus disease (COVID-19) pandemic.
FASB will discuss plans to support stakeholders through the COVID-19 pandemic, including potential delays to standards not yet effective, at its April 9 meeting. This could include the CECL standard, currently scheduled to become effective for credit unions in 2023.
The CFPB Thursday announced several changes called for by CUNA to allow financial institutions flexibility during the COVID-19 outbreak, including reporting from HMDA and certain credit card agreements.
Through direct CUNA and League advocacy, credit unions will be able to better serve their members affected by the latest COVID-19 relief legislation. The bill, passed by the Senate late Wednesday, was amended to include credit unions in several provisions.
Clear and consistent guidance will be needed from the SBA on the expansion of its 7(a) loan program due to the coronavirus disease pandemic. Congress has agreed on legislation with $350 billion to provide small businesses with funds for critical items.
As communities across the country cope will the COVID-19 pandemic, credit unions in every state are working with members to help consumers stay financially healthy during this emergency. AmericasCreditUnions.org has been re-launched with details on how they are helping.
While CUNA supports the majority of NCUA’s proposed rule on bank-credit union combination transactions, there are aspects not statutorily required, several of which may be problematic. NCUA is accepting comments on the proposal through March 30.
A 90-day extension for all BSA reporting requirements, particularly CTR requirements, is necessary for credit unions and other financial institutions to follow coronavirus disease (COVID-19) health guidelines, CUNA wrote Monday to FinCEN.
Reps. Gregory Meeks (D-N.Y.) and Blaine Luetkemeyer (R-Mo.), chair and ranking member of a House Financial Services subcommittee, are the latest legislators to echo CUNA’s call for a delay in implementation of the CECL standard due to the coronavirus pandemic.
Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from NCUA's Office of Credit Union Resources and Expansion of up to $7,500.
CUNA followed up its March 12 letter to NCUA Tuesday with supplemental recommendations it has received through continued engagement with Leagues and credit unions. CUNA’s original letter detailed possible NCUA actions to alleviate the impact of coronavirus.
As credit unions grapple with the ongoing coronavirus disease pandemic, CUNA, in partnership with the Leagues, is providing several resources for credit union professionals through the CUNA/AACUL COVID-19 Response Center.