COVID-19 Update for Credit Unions

6/3/2020

Regulatory and Legislative Updates for credit unions during to COVID-19 pandemic.

MnCUN, CUNA and Leagues wrote to the Small Business Administration (SBA) and the Treasury Friday to seek clarity on Paycheck Protection Program (PPP) loan forgiveness. Credit unions and other lenders need detailed guidance on loan forgiveness as conflicting processes are likely to create problems and lead to litigation:

CFPB: CFPB Issues FAQs on Remittance Transfer Issues Related to COVID-19 – June 2, 2020

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