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Congress is expected to remain in session this week in efforts to reach a deal on a package of measures designed to address concerns surrounding the spread of the coronavirus. NAFCU executives continue to meet daily to assess the situation and communicate updates to members; access the association's resource page on the virus and a new economic brief on its potential impact.

Tomorrow, NAFCU will offer a free webinar to help credit unions determine their institution's readiness to handle a pandemic. While it is free, registration is required. It will be available on-demand for a year after the initial airing.

As the threat of the coronavirus increases, NAFCU's award-winning advocacy team remains in contact the president and Congress, as well as the NCUA and CFPB for regulatory relief and guidance. Members of the association's Legislative Affairs team will continue to share credit union concerns with lawmakers through scheduled meetings and phone calls.

The Federal Open Market Committee will also start its two-day meeting tomorrow, following an additional emergency rate cut Sunday in efforts to mitigate the potential economic effects of the coronavirus. The federal funds target rate is now set to a range of 0 to 0.25 percent. Earlier this month, at an unscheduled meeting, the committee cut interest rates by 50 basis points.

"The actions from the Fed ahead of its scheduled meeting on Wednesday reflect the view that a recession is a virtual inevitability," said NAFCU Chief Economist and Vice President of Research Curt Long. "As the Fed has stated previously, it believes it is better to meet such a scenario early and with force, rather than by gradually opening the faucets."

"With such a comprehensive stimulus package, all eyes now turn to Congress for the fiscal response," Long added. "Much depends on how the health situation evolves, but credit unions should plan for rates to be stuck at zero for most of this year.”

Also of note, the House Financial Services Committee has postponed all remaining public hearings for the month of March, including hearings focused on digital currencies and the London Interbank Offered Rate (LIBOR), and one with Department of Housing and Urban Development Secretary Ben Carson.

Also happening this week:

• Wednesday, members of NAFCU's Regulatory Affairs team will meet with staff at the CFPB;
• Thursday, the NCUA will hold a closed board meeting and are not expected to issue any rulemakings; and
• Friday, NAFCU is set to discuss issues related to the fraud classification model for payments with the Federal Reserve.

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