CURRENT Newsletter | 4 June 2020
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Headline News
- NCUA Chairman Hood Responds to Current Events Surrounding George Floyd
- Fiserv, League Hosting Free Webinar on Fraud Trends, Mitigating Risk
- FREE Webinar: Closing the Interchange Gap Post-COVID-19
- Best Practices for a Compliant Collections Program Webinar
- Save the Date: League to Host Small CU Virtual Meeting June 18
Advocacy / Governmental Affairs
Compliance / Regulatory Affairs
- CFPB Issues COVID-19 Pandemic Remittances FAQs
- CFPB Announces COVID-19 Supervisory and Enforcement Relief Related to E-SIGN
Financial Services / Economic News
Headline News
NCUA Chairman Hood Responds to Current Events Surrounding George Floyd
National Credit Union Administration (NCUA) Chairman Rodney E. Hood issued the following statement today reflecting on the death of George Floyd and current events:
“As the first African-American to lead a federal banking agency, I feel compelled to speak following the tragic death of George Floyd. Over the past few months, communities across the country have been overwhelmed with challenge and uncertainty. Besides being on the heels of a global pandemic, we are also experiencing heightened levels of strife following yet another instance of abuse of authority and violence against a black man.
“For me, these discussions are more than simply abstracts — they are personal to me.”
Fiserv, League Hosting Free Webinar on Fraud Trends, Mitigating Risk
Join Fiserv and your League June 11 for a FREE webinar on fraud trends and mitigating risk.
The COVID-19 pandemic continues to have a wide-ranging impact on consumer spending behavior. We will look at fraud trends both pre-pandemic, mid-pandemic and post-pandemic. Mitigating risk is as important as ever as we emerge towards a new normal. What are you doing to meet this demand?
This session will also look at spending trends, transaction activity and the effect on credit unions. What has been the impact on the merchants and what could consumer spending look like moving forward.
Register for this FREE webinar
FREE Webinar: Closing the Interchange Gap Post-COVID-19
As the new normal continues to evolve it is important to be flexible in how your payment strategies may change as well. Please join Fiserv and your League on June 23 for a FREE webinar looking at ATM, Debit and Financial strategies designed to close the interchange gap post-COVID-19.
Best Practices for a Compliant Collections Program Webinar
You've verified the member, properly determined their credit eligibility and confirmed the ability to repay. However, when the ability to repay turns into a collection effort, you may find out you're not as ready as you thought. Join CUNA Mutual Group June 17 to learn how to build collection strategies around your members while staying compliant.
Save the Date: League to Host Small CU Virtual Meeting June 18
Your League has scheduled a June 18 (10 a.m.) virtual meeting for credit unions with less than $100 million in assets. We'll cover pandemic, member service and lending issues. Registration details coming soon.
Advocacy / Governmental Affairs
Senate Passes Bill Enhancing PPP Flexibility
The Senate passed a measure late Wednesday to increase flexibility in the Small Business Association’s Paycheck Protection Program (PPP).
CUNA has called for further improvements to the PPP process, including lender liabilities and other challenges the Small Business Administration must address, most recently in a letter to the Senate Banking Committee.
Specifically, the measure would:
- Allow forgiveness for expenses beyond the eight-week covered period;
- Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
- Eliminate restrictions that limit loan terms to two years;
- Ensure full access to payroll tax deferment for businesses that take PPP loans; and
- Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
The President is expected to sign this legislation into law.
Compliance / Regulatory Affairs
CFPB Issues COVID-19 Pandemic Remittances FAQs
The Consumer Financial Protection Bureau has issued FAQs explaining whether failure to deliver remittance transfer funds to the designated recipient by the disclosed date of availability due to certain government-mandated closures in response to the COVID-19 pandemic is an error under the Remittance Rule. The FAQs also include illustrative examples.
CFPB Announces COVID-19 Supervisory and Enforcement Relief Related to E-SIGN
The Bureau of Consumer Financial Protection (CFPB) yesterday issued a statement on supervisory and enforcement practices regarding electronic credit card disclosures, in light of the COVID-19 Pandemic.
Financial Services / Economic News
Lenders, Businesses Say Confusing Rules Hampered Virus Rescue
Representatives of lenders as well as businesses that received pandemic bailout money told an oversight board Wednesday that delayed and confusing instructions from the government hampered the effectiveness of the main rescue program for smaller companies.
Guidelines for Paycheck Protection Program loans were released in a fragmented basis and underwent several revisions that made it difficult for businesses to know if they qualified for the money and what they must do to get the loans forgiven, said Anthony Wilkinson, president of the National Association of Guaranteed Government Lenders.
The guidance, which is at times contradictory, also puts financial institutions making those loans at risk, he said.
"Is it any wonder why borrowers and lenders are questioning whether Treasury has set everyone up to fail?" Wilkinson said at the hearing in front of the Pandemic Response Accountability Committee. "Is it any wonder why borrowers of all sizes have been returning their loans out of fear of their own government?" (Credit Union Journal, June 4)
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