WASHINGTON–With the new Paycheck Protection Program set to go begin receiving applications today, CUNA, NAFCU and the Defense Credit Union Council are saying numerous questions remain unanswered, including whether non-profit organizations such as CUs are eligible to also apply to receive funds.
Fresh Today
MADISON, Wis.–Lending volume at credit unions will grow just 3% this year, yield-on-asset ratios could also fall to 3%, the lowest in credit union history, and ROA will likely decline to 0.5% in 2020, according to new projections from CUNA Mutual Group.
DUBUQUE, Iowa—To help credit union members financially impacted by the COVID-19 pandemic, the Iowa Credit Union Foundation is providing $500 grants to eligible individuals and small business owners.
NEW YORK–Demand for the kinds of relief programs credit unions are offering in response to the coronavirus pandemic is likely to only increase with new government data showing a record 6.6-million American workers filed for unemployment on March 28.
WASHINGTON—The Federal Reserve has published an interim final rule to lower reserve ratios on transaction accounts maintained at depository institutions to 0%, providing flexibility to credit unions under the Regulation D limit.
WASHINGTON—As Congress and the Federal Housing Finance Agency (FHFA) continue to work through mortgage forbearance options during the coronavirus pandemic, NAFCU President and CEO Dan Berger has raised concerns with FHFA Director Dr. Mark Calabria over the consequences of these forbearances on credit unions and the mortgage industry as a whole.
NEW YORK–In a new report Moody’s is raising concerns around an emerging challenge facing residential mortgage services, including credit unions, over the “extraordinary increase in servicer advances likely to materialize because of the establishment of borrower forbearance arrangements” being mandated by a number of government entities.
BOSTON–A consumer group is blasting a new statement from the CFPB on responsibilities of credit reporting companies during the coronavirus pandemic, saying the Bureau may even lack the legal authority to take the position it has.
WASHINGTON–Saying it is seeking to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations' ability to provide credit to households and businesses, the Federal Reserve Board has announced a temporary change to its supplementary leverage ratio rule.
HARRISBURG, Penn.—Pennsylvania Attorney General Josh Shapiro has announced the launch of “PA CARE Package,” a consumer relief initiative.