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NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know news related to the paycheck protection program (PPP), coronavirus relief efforts, and more.

Findings from more detailed PPP loan data

The Small Business Administration (SBA) this week released all records on PPP borrowers and loan amounts after several news organizations sued for the information under the Freedom of Information Act (FOIA). According to the Washington Post's analysis of the data, more than half of the money doled out through the PPP went to just 5 percent of the program's recipients. In addition, roughly 600 larger companies received the maximum $10 million in loans allowed under the program.

The SBA in July released information for loans over $150,000, including the company name, range of loan amount, location, and loan provider. The initial data released for loans under $150,000 included the city the business is based and loan provider, with some loans also detailing race/ethnicity, gender of owner, and veteran status of owner when provided.

The new data released includes exact loan amount, business name, address, and loan provider for all loans.

The PPP's authorization expired Aug. 8 with roughly $134 billion of allotted funds remaining. Since the program launched in April, it provided more than 5 million loans to small businesses for roughly $525 billion dollars. The SBA last month announced it had made 367,321 payments to PPP borrowers, forgiving more than $38 billion in PPP loans so far. The SBA's released data on forgiveness applications showed that 595,144 forgiveness decision summaries have been submitted by lenders totaling $83.2 billion.

NAFCU continues fight for improvements to the PPP to ensure credit unions that are lenders through the program – more than 700 credit unions with less than $1 billion in assets participated – and their small business members are not burdened by the forgiveness process and have access to the resources needed to overcome the economic tolls of the pandemic.

GSEs' adverse market fee takes effect

The Federal Housing Finance Agency's policy for the GSEs to impose a 0.5 percent fee on most mortgage refinance loans went into effect Dec. 1. NAFCU came out strong against the plan when it was announced in August and, acknowledging industry concerns, the FHFA delayed its implementation to Dec. 1. NAFCU continues to argue it will hurt credit unions and their members facing financial hardships amid the coronavirus pandemic. The association recently met with FHFA Director Dr. Mark Calabria and other agency staff to reiterate the industry's concerns with the fee, arguing that it will hurt credit unions and their mortgage borrowers as they try to recover from the coronavirus pandemic. NAFCU will continue advocating for relief for mortgage servicers.

Some hope for coronavirus relief

A group of bipartisan members of the House and Senate this week introduced a new $908 billion stimulus package aiming to address the impending expiration of some economic aid programs. Of note, the proposal includes $288 billion in additional funding for small business aid, including PPP loans and would offer temporary protection from coronavirus-related lawsuits. House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., indicated support for the package, saying it "should be used as the basis for immediate bipartisan, bicameral negotiations." President-elect Joe Biden has also endorsed the package.

Fed nominee confirmed

The Senate Thursday confirmed Dr. Christopher Waller to the Federal Reserve Board of Governors. Waller most recently served as the Federal Reserve Bank of St. Louis' director of research. Waller was nominated to serve at the Fed alongside Judy Shelton, but Shelton's confirmation vote failed last month. Following Waller's confirmation, NAFCU President and CEO Dan Berger sent a congratulatory letter and outlined ways credit unions have supported their members through the pandemic for reference as Waller works to support economic recovery in his new position.

Credit unions use Federal Reserve services to meet their members' needs and NAFCU and its Board of Directors earlier this week held its annual meeting with the Fed, meeting with Fed Governor Michelle Bowman, to present findings from the association's Report on Credit Unions and discuss issues critical to the credit union industry.