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President-elect Joe Biden and Vice President-elect Kamala Harris will be sworn into office tomorrow, officially beginning their four-year terms. NAFCU's award-winning advocacy team has previously met with their transition team to discuss credit union priorities and will continue to be active on Capitol Hill with the administration and lawmakers as legislative efforts begin.

Of note, NAFCU's offices will be closed tomorrow for Inauguration Day; NAFCU Today will resume publication Thursday.

Biden last week unveiled his proposal for another coronavirus relief package, which calls for additional economic impact payments to households, enhanced unemployment aid, assistance for homeowners and renters, and a restoration of the paid sick and family leave benefits that expired at the end of 2020. In addition, he proposed creating a new grant program for small businesses, separate from the paycheck protection program (PPP).

On Capitol Hill, NAFCU will be watching efforts in the Senate as Democrats are poised to take majority control once Harris is sworn in and will serve as the tie-breaking vote. The chamber will have to approve an organizing resolution, outlining rules for the chamber and determining committee membership. In addition, after the House last week voted to impeach President Donald Trump, the Senate could move forward with its trial this week.

Committee work is getting underway this week, with the Senate Finance Committee today holding a confirmation hearing with Treasury Secretary nominee Janet Yellen. NAFCU met with Yellen several times while she was Federal Reserve chairman to share insights into the credit union industry and economy.

Also happening this week, the paycheck protection program application portal will open to all lenders today. The program officially reopened last week with dedicated processing windows for certain community-based and small financial institutions. NAFCU has updated its FAQs to help credit unions participating as lenders understand program changes.

NAFCU's Regulatory Committee will hold a meeting today to review recent regulatory efforts from the NCUA, CFPB, and Federal Housing Finance Agency.

Thursday, NAFCU is offering a complimentary webinar to help credit unions address the strategic implications of the coronavirus pandemic and find opportunities to grow.