The Small Business Administration should work to provide certainty for Paycheck Protection Program (PPP) loan forgiveness applications, as there is a large backlog of forgiveness applications that have not received a response from the SBA.
Allowing credit unions to expand into rural communities and other underserved areas would advance communities throughout the nation, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday.
The House passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act Monday. The bill would provide protections to financial institutions that serve state legal cannabis-based businesses.
CUNA wrote to House leadership Monday to express support for two bills prior to House consideration this week. The bills are the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1996) and the Housing Financial Literacy Act of 2021 (H.R. 1395).
Both chambers of Congress are in session this week, and the House will include the CUNA-supported Safe and Fair Enforcement (SAFE) Banking Act in a list of bills it will consider starting Monday evening.
CUNA encouraged the Federal Housing Finance Agency (FHFA) to pursue climate and natural disaster risk mitigation strategies that do not abandon low- and moderate-income Americans in a letter sent Monday.
The NCUA Board published an interim final rule Monday making two temporary changes to its PCA regulations to help ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic. A similar rule expired at the end of 2020.
Low-income-designated credit unions seeking Community Development Revolving Loan Fund grants in 2021 will be able to apply between May 3 and June 26. The agency will administer approximately $1.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.
The NCUA board will be briefed on an interim rule involving Prompt Corrective Action (PCA) at its April 22 meeting. CUNA and Leagues have heavily engaged NCUA on the need for PCA flexibility, and NCUA Chairman Harper indicated relief would be coming shortly.
Credit unions are concerned that non-regulated companies are engaged in financial activities by offering products and services that are traditionally offered by credit unions and banks without being subject to robust consumer protection laws and regulations.