Message from the Editor About Story Links to the CU Times

David Baumann is again writing for the Credit Union Times. This means some of his articles will be on the Credit Union Times website and some will be on the Washington Credit Union Daily website. There are some details you need to know about how this will work.

SBA Failed to Inform PPP Borrowers About Loan Offsets: IG Report

In April, the Small Business Administration indicated that SBA Economic Injury Disaster Loan Advances would be treated as grants, but now says the forgiven amount of a Paycheck Protection Program loan must be reduced by the EIDL Advance, causing trouble for both borrowers who owe the money and the lenders who will have the unforgiven part of the PPP loan on their balance sheets. Meanwhile, the SBA’s Inspector General released a devastating report that thousands of ineligible businesses received PPP loans.

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Federal Reserve Seeking Participants for FedNow Pilot Program

The Federal Reserve is now accepting applications for a pilot test program for its FedNow Service. Credit unions are eligible to apply.

CUNA Announces High-Profile Campaign to Inform Policymakers About Benefits of Credit Unions

CUNA has launched the “Advancing Communities” campaign, a new effort designed to provide state and federal policymakers and communities with information about the economic and social impact that credit unions provide across the country.

3 Data Breaches Demonstrate Need for Legislative Action: NAFCU

NAFCU says that three recent data breaches at retailers is a reminder to Congress that a data security standard for retailers needs to be enacted. NAFCU thinks the data security standards for retailers should be the same as those for financial institutions, especially since data breaches of retailers often have consequences for credit unions.

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Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact

As the financial health of consumers deteriorates due to the pandemic, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is concerned that financial services regulators, including the NCUA, are not prepared for a possible financial crisis.

Subcommittee Probe: Treasury Hampered CDFI Participation in PPP

The staff of the Democratic-controlled House Select Subcommittee on the Coronavirus Crisis reports that in the first round of Payroll Protection Program lending, Community Development Financial Institutions and Minority Depository Institutions were largely excluded.


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NCUA Approves Proposed Rule to Allow Expanded Use of Derivatives

At its October 2020 meeting, the National Credit Union Administration board approved a proposed rule expanding the ability of credit unions to invest in derivatives, discussed their oversight powers over vendors, and received a briefing on cybersecurity.

This article, written by our editor, is posted on the Credit Union Times website. Clicking on the button will take you to the article. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

Community Bankers Want GAO Probe of Credit Union Industry

The Independent Community Bankers Association is asking leaders of the Senate Banking Committee to request a Government Accountability Office investigation of the credit union industry.

CUNA, NAFCU Ask Congress to Intervene in OCC Payments Plan

Acting Comptroller Brian Brooks of the Office of Comptroller of the Currency claims he can grant special charters to companies handling payments, without going through the traditional rulemaking regulatory process. Many financial trade groups disagree and note there are substantive issues involved in granting these charters.

This article, written by our editor, is posted on the Credit Union Times website. Clicking on the button will take you to the article. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

Rep. Huizenga Tests Positive for Coronavirus

Rep. Bill Huizenga of Michigan, said he has tested positive for the coronavirus. He is fifth in Republican seniority on the Financial Services Committee and is the ranking Republican on the panel’s Investor Protection, Entrepreneurship and Capital Markets Subcommittee.

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CFPB Announces Early Termination Program for Consent Orders

The CFPB will begin a process that allows businesses operating under a Consent Order with the agency to apply for early termination of the order.

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Credit Unions, Businesses Say PPP Loan Forgiveness Process is Daunting

As businesses and credit unions move into the PPP’s loan forgiveness process, they are reporting that it is so complex and burdensome that they have had to spend valuable time and resources on the paperwork.

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As Stimulus Talks Drag On, Crapo Asks NCUA & Others for Regulatory Help

Due to federal programs, credit unions and banks have experienced major changes to their balance sheets, which may push them across regulatory thresholds. Sen. Crapo wants regulators, including the NCUA, to use their discretion to minimize the impact of this problem.

This article, written by our editor, is posted on the Credit Union Times website. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

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NAFCU Says It's a 'Step in the Right Direction' for Simplified PPP Forgiveness Application

A simplified PPP loan forgiveness application has been rolled out for businesses that borrowed $50,000 or less. New legislation would be required for what CUNA and NAFCU want, which is automatic loan forgiveness for loans under $150,000.

This article, written by our editor, is posted on the Credit Union Times website. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

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Capital Coronavirus Crisis Pushing Credit Union Priorities Off the Table

It is not clear how much attention will be available for the coronavirus economic stimulus bill and other issues important to credit unions and their members.

This article, written by our editor, is posted on the Credit Union Times website. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

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CUNA Makes Independent Expenditures for an Additional Three House Incumbents

CUNA has announced that it will be spending independently to support three additional House members, Democrats Jared Golden and Susie Lee, and Republican Steve Chabot, in the election this year.

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Consumer Groups Say Credit Complaints Have Soared Since Rules Were Loosened

Contending that complaints about consumer reporting agencies have soared, a coalition of consumer groups on Thursday called on the CFPB to rescind guidance giving the agencies an extended period of time to resolve complaints.

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FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions

The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations.

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Regulators Urge Credit Unions, Banks to Extend ‘Prudent’ Help to Borrowers in Absence of Congressional Action

Congress is deadlocked over economic help for people impacted by the coronavirus crisis, so federal financial regulators and a key senator are urging financial institutions to do what Congress has not been able to do.

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Senate Banking Committee Recommends Hauptman Confirmation for NCUA Board

The Senate Banking Committee recommended that the full Senate confirm Kyle Hauptman as a member of the NCUA board. If confirmed by the Senate, Hauptman, a Republican, would replace J. Mark McWatters, also a Republican.

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NCUA Board Member McWatters May Be Around for a While

NCUA Board member J. Mark McWatters may have given his farewell comments during the board’s July meeting, but the Republican may not be going anywhere for a little while longer.

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