The Paycheck Protection Program (PPP) Flexibility Act was signed into law last week, and a new CUNA’s CompBlog entry examines what the increased time and flexibility to use PPP funds means for borrowers and lenders.

Financial services leaders should act on their support for diversity, equity and inclusion with a commitment to community building through financial inclusion, NCUA Chairman Rodney Hood wrote in the Wall Street Journal last week.

A settlement has been reached in the Equifax data breach lawsuit, of which CUNA, Leagues and credit unions are plaintiffs. CUNA filed suit against Equifax in October 2017 after a data breach that exposed the personal information of more than 145 million consumers.

The Federal Housing Finance Agency Thursday published a final rule on the Federal Home Loan Banks’ Housing Goals. The new goals take effect in 2021 and enforcement of the rule will be phased in over three years. 

The Senate passed a measure late Wednesday to increase flexibility in the Small Business Association’s Paycheck Protection Program. CUNA has called for further improvements to the PPP process, including lender liabilities and other challenges the Small Business Administration must address.

A survey recently conducted by the MD|DC Credit Union Association reveals that as of May 22, more than 42,000 members and businesses have received over $1 billion in loan relief from credit unions in the region.

CUNA wrote in support of NCUA’s interim final rule on real estate appraisals Thursday, saying it minimizes instances of borrowers experiencing delays in obtaining funds needed to meet immediate and near-term financial needs. NCUA issued the rule at its April meeting.

Credit unions are well-purposed and well-positioned to address inequity in the financial services sector, as there more than twice as many CDFI credit unions as CDFI banks and MDI credit unions represent approximately 10% of all credit unions.

Credit union supported candidates saw wins around the country in Tuesday's primary elections, including Rep. Ben Ray Luján and Teresa Leger Fernandez in New Mexico and Rep. Kweisi Mfume in Maryland.

Several CARES Act provisions designed to assist in pandemic recovery should be extended for at least a year beyond the scheduled Dec. 31, 2020 sunset date, including troubled debt restructuring, extended borrowing authority for the CLF and transaction account guarantees.