NEW YORK–Credit unions with outstanding loans and lines of credit to retailers and retail shopping plazas should expect to see increasing bankruptcy filings and even anticipate many retailers will close and never reopen, according to a new report.
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MADISON–The World Council of Credit Unions is reporting that while credit unions in most of the world are struggling with liquidity due to a greater number of members making cash withdrawals to survive the COVID-19 crisis, credit unions in Haiti have been able to keep liquidity levels close to normal throughout the pandemic.
GAINESVILLE, Fla.––Another position has been added to CUToday.info’s free job board, the Gig.
ALEXANDRIA, Va.–NCUA Chairman Rodney E. Hood is calling on the Financial Accounting Standards Board (FASB) to exempt credit unions from complying with the current expected credit losses methodology, or CECL.
CHICAGO–The COVID-19 pandemic is affecting everyone, but it’s hitting Millennials, those between ages 26-40, the hardest, according to a new report.
RALEIGH, N.C.–The SECU Foundation of State Employee’s Credit Union has awarded a $2.5 million grant to the North Carolina Healthcare Association (NCHA) Foundation to assist in efforts to provide increased statewide support during the COVID-19 pandemic.
ALEXANDRIA– NCUA issued one prohibition notice in April, while its Inspector General has sent a letter saying none of its programs are at risk of “significant” improper payment.
WASHINGTON—Credit unions are being urged to be aware of two new updates related to the Paycheck Protection Program. The Small Business Administration (SBA) released two interim final rules clarifying disbursements and seasonal employees under the PPP.
WASHINGTON–The Federal Reserve Board has announced an expansion of its Main Street Lending Program, while also saying it recognizes the critical role that nonprofit organizations play throughout the economy and is “evaluating a separate approach to meet their unique needs.”
WASHINGTON—NAFCU President and CEO Dan Berger has sent a letter to Treasury Secretary Steven Mnuchin regarding federal credit union eligibility for the payroll tax credit received under the paid sick leave and paid family medical leave provisions of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).