PPP Runs Out of Money for Most Credit Unions
The Small Business Administration’s Paycheck Protection Program has run out of money for loans that most credit unions and banks would make, but PPP loans are still available through Community Development Financial Institutions, an SBA spokesperson said. As reported by David Baumann of the Washington Credit Union Daily.
House Financial Services Dems Push for $8.5 Million Boost for Credit Union Community Development Fund
David Baumann of the Washington CU Daily reports that the Democrats on the House Financial Services Committee out-voted the Republicans to pass the Views and Estimates Report, which contained requests to congressional budget writers for an $8.5 million increase for the National Credit Union Administration’s Community Development Revolving Loan Fund in FY22. It also contained strong support for the Consumer Financial Protection Bureau.
Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members
The Internal Revenue Service’s “Get My Payment” portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, groups including CUNA, NAFCU, the ABA and the ICBA wrote in a letter to IRS Commissioner Charles Rettig, reports David Baumann of the Washington CU Daily.
Senators Introduce Legislation to Increase NCUA Loan Maturity Cap
Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) have introduced legislation to increase the loan maturity cap of 15 years on credit union loans to 20 years, reports David Baumann of the Washington CU Daily.
House Members Introduce Legislation to Lift MBL Cap During Crisis
Reps. Brad Sherman (D-Calif.) and Brian Fitzpatrick (R-Pa.) introduced legislation in Congress that would lift the credit union member business lending cap of 12.25% during the coronavirus economic emergency in order to allow credit unions to make more loans during the economic crisis, reports David Baumann of the Washington Credit Union Daily.
Credit Unions Say SBA Has Improved Management of PPP Lending, But That Problems Persist
The second iteration of the Small Business Administration’s Paycheck Protection Program is operating much more efficiently than the first version, credit union trade groups said, but added that they continue to run into persistent problems that hamper lenders and borrowers, reports David Baumann of the Washington Credit Union Daily.
CUNA Continues Push for Liability Protection from Coronavirus Lawsuits
CUNA signed a letter with hundreds of other organizations urging Congress to include temporary coronavirus liability protection in any new economic stimulus legislation, reports David Baumann of the Washington Credit Union Daily.
Galicia Named Harper’s Chief of Staff
David Baumann of the Washington CU Daily reports that new NCUA Chairman Todd Harper on Monday announced the appointment of Catherine Galicia as his chief of staff. Before being named chief of staff, Galicia served as Harper’s senior policy counsel.
Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission
David Baumann of the Washington CU Daily reports that the Independent Community Bankers of America and the American Bankers Association have criticized the National Credit Union Administration for a final rule allowing low-income, complex and new credit unions to issue subordinated debt.
Kyle Hauptman Sworn In as NCUA Board Member
Kyle Hauptman was sworn in by Chairman Rodney Hood as a member of the National Credit Union Administration board on Monday, December 14, 2020, reports David Baumann of the Washington Credit Union Daily.
