ALEXANDRIA, Va.–During NCUA’s first-ever virtual meeting, members of the agency’s board expressed their concerns over meeting liquidity needs of credit unions—especially in 2021—and expressed support for an increase in the MBL cap, while two of its members repeated their call to give the agency examination authority over third-party vendors.
Fresh Today
WASHINGTON–The Paycheck Protection Program needs some protection of its own, with the federal government indicating it was on track to deplete its $349-billion in funding by Wednesday night.
WASHINGTON–Legislation has been introduced in Congress that would exempt all member business loans (MBLs) made during the declared coronavirus pandemic from the MBL cap for three years.
ALEXANDRIA, Va.—In its first-ever virtual public board meeting, the NCUA board today is set to issue two rules related to appraisals: A final rule that would raise the threshold for residential real estate appraisals and an interim final rule to provide other appraisal relief.
NEW YORK–The nation’s banks are reporting considerably smaller quarterly profits as they set aside billions in reserves to cover potential losses on consumer and business loans. The banks’ forecasts and expectations raise questions around the level of losses credit unions can expect as the coronavirus pandemic goes on.
ARLINGTON, Va.—Credit union leaders’ outlook on what the future holds has fallen out of the “optimistic” range for the first time in the history of NAFCU’s Credit Union Sentiment Index (CUSI), the trade association reported.
WASHINGTON–Economic activity has “contracted sharply and abruptly across all regions," according to the Federal Reserve’s latest Beige Book data, which finds no part of the U.S. spared from the damage of the coronavirus pandemic.
PORTSMOUTH, N.H.–Northeast Credit Union has launched a “Virtual Community Center” as part of its Love Your Community project. That project is designed to highlight goodness and encourage people to practice humanity in their everyday lives to build stronger, kinder communities.
WASHINGTON–The Consumer Financial Protection Bureau and the Federal Housing Finance Agency have announced the Borrower Protection Program, a new joint initiative the agencies said enables CFPB and FHFA to share servicing information to “protect borrowers during the coronavirus national emergency.”
BILLINGS, Mont.–Valley Credit Union has launched a series of TV spots in which it highlights different local restaurants that “are fighting to stay open even if their doors are closed.”