Home | Credit Union Journal

Time 2020-07-27 12:04:28

Web Name: Home | Credit Union Journal

WebSite: http://www.cujournal.com

ID:36435

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A new Small Business Administration notice explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape. A new study from WalletHub finds nealry 40% of parents are planning to spend less in advance of the upcoming academic year. The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support. Cadmus Credit Union agreed to merge into Chartway Federal Credit Union after one of its select employer groups said it would shutter the facility where its only branch was located due to business issues that arose from the coronavirus. Recruiting directors from a variety of backgrounds is a challenge familiar to many credit unions. A member of one of the nation's largest CUs is calling for that institution to address the problem. The coronavirus pandemic has cast a shadow over the use of cash, which is often perceived as dirty because it frequently changes hands and is almost never washed. The National Credit Union Administration's first-quarter look at credit union performance by state includes several metrics where the industry did not fare well. The report from the regulator offers an industry-wide look at how credit unions have fared during the pandemic. Since the outbreak worsened in April and into May, credit quality could possibly worsen while earnings may sag even further. The outbreak has completely upended whatever expectations the industry had heading into 2020. Here's key areas that have been shaped by the pandemic, some potentially forever. The credit union regulator has implemented a host of measures to help the industry manage the pandemic, but there may be only so much it can do without congressional action. The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit. Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus. The central bank’s programs announced since mid-April in response to the coronavirus outbreak match if not exceed the actions it took during the 2007-9 financial crisis. This white paper provides valuable insights into the cash needs of consumers and how cash can play a crucial role as a differentiator for fintech firms seeking to build strong customer loyalty and preference The 2020 Health of Cash Study underscores that cash is critical to the U.S. economy and maintains an important, even cherished, role within a diverse payment mix.

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