The Paycheck Protection Program continues to be plagued by a lack of transparency and unclear rules, Democrats and credit unions said this week.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions are taking differing positions on how long a National Credit Union Administration interim final rule allowing temporary deferrals for real estate appraisals should remain in effect.
The Senate passed legislation Wednesday that would allow businesses to use a larger percentage of Paycheck Protection Program loans for non-payroll purposes.
Consumer Group Calls for Overdraft Moratorium During Pandemic; Affiliated Credit Union Only Offers Partial Waiver
Financial regulators, including the National Credit Union Administration, should “do the right thing” and prohibit banks and credit unions from charging any overdraft or insufficient fund fees during the pandemic, the Center for Responsible Lending said in a new report Wednesday.
But a credit union affiliated with the center is not following that recommendation and is only waiving insufficient fund fees for up to two items a month.
Credit union trade groups have told the Task Force on Federal Consumer Financial Law, a new CFPB task force, that The Consumer Financial Protection Bureau is over-regulating credit unions, throwing them into the same class as the bad actors that caused the last financial crisis.
National Association of Federally-Insured Credit Unions President/CEO B. Dan Berger Thursday asked two National Credit Union Administration board members to reconsider their decision at May’s board meeting and to support Chairman Rodney Hood’s proposal to remove the 45-day time limit for credit unions to “cure” an overdraft by one of its members.
In a major policy reversal, the Trump Administration announced Thursday that it was setting aside $10 billion in the Paycheck Protection Program for loans made by Community Development Financial Institutions.
The Credit Union National Association has joined the chorus of business groups calling for temporary liability protection related to the coronavirus pandemic.
As the nation struggles to recover from the pandemic, the two national credit union trade groups have announced plans to explore the impact that the coronavirus crisis has had and what a recovery plan should entail.
National Credit Union Administration Chairman Rodney Hood is lending support to credit union trade groups seeking an exemption from Federal Communication Commission rules to allow banks and credit unions to make automated telephone calls during the coronavirus crisis.