As Senate prepares vote on 'skinny' package, NAFCU calls for more CU relief
The Senate could vote as early as today on a revised "skinny" version of their Phase 4 coronavirus relief package. While it does include NAFCU-sought provisions to help simplify the forgiveness process for paycheck protection program (PPP) loans and provide liability protections, NAFCU's Brad Thaler called for additional relief measures that would help credit unions better serve their members amid the crisis.
The revised "skinny" proposal was released Tuesday and includes language from the NAFCU-supported the Paycheck Protection Program Small Business Forgiveness Act (S. 4117), as well as additional funding for the PPP, liability protections for schools and businesses as they begin to reopen, and an increase in the weekly federal unemployment benefits through Dec. 27.
In a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., and members of the Senate, Thaler – NAFCU's vice president of legislative affairs – reiterated NAFCU's request for additional credit union priorities, including:
- proposals offered by Senate Banking Committee Chairman Mike Crapo, R-Idaho, to extend relief provided in the CARES Act related to the NCUA's Central Liquidity Facility (CLF) and troubled debt restructurings (TDRs);
- relief from the member business lending (MBL) cap to help credit unions serve more small businesses trying to recover from the pandemic;
- providing emergency funding for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF) to support credit unions' efforts to help their most at-risk members;
- modernization of the E-SIGN Act by including language from legislation already introduced in the Senate;
- extending the delay or exempting credit unions from the current expected credit loss (CECL) standard; and
- capital and prompt corrective action flexibility for the NCUA, similar to what was provided to community banks in the CARES Act.
NAFCU's advocacy team will continue to share with lawmakers the challenges facing credit unions and their members amid the coronavirus pandemic and fight for meaningful relief provisions.
Stay tuned to NAFCU Today for the latest updates on relief efforts.
Add to Calendar 2021-07-13 14:00:00 2021-07-13 14:00:00 Fair Lending - What Your Board Needs to Know The new administration has made it crystal clear that fair lending compliance is at the top of its financial services agenda, and non-compliance is not an option. It’s time to dust off that fair lending program and make sure your preventive and detective controls are fully functioning as designed. This webinar will help you understand what is going on in fair lending compliance at credit unions, so that you can make sure your board is up to speed on key regulatory risks and paying attention to key fair lending risk indicators. Topics include, fair lending risk management, understanding fair lending risk in underwriting and pricing, and key considerations when reporting fair lending findings. Key Takeaways Identify and analyze potential fair lending risks in a practical manner. Understand recent fair lending enforcement case studies. Craft a strong message to the board on managing fair lending risk. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until July 13, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Risk titles Compliance titles Legal staff Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar. NCCOs will receive 1.0 CEUs for participating in this webinar. CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Identify and analyze potential fair lending risks in a practical manner. Understand recent fair lending enforcement case studies. Craft a strong message to the board on managing fair lending risk. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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