BRIEFLY: Comments due March 9 on NCUA communications, transparency info request; Credit union, other federal regulators, call for action in response to Texas winter storms; PPP loans reserved for smaller institutions

(Feb. 26, 2021) Comments are due March 9 on NCUA’s request for information (RFI) on how the agency can improve its communications and improve transparency. A NASCUS comment letter is in the works; see the link below for the NASCUS summary of the RFI (available to members only) …  NCUA joined federal and state banking regulators this week in encouraging credit unions and banks to alter loan terms, ease regulatory reporting requirements, and take other actions to help borrowers in Texas affected by bitter cold temperatures spawned by recent winter storms which led to widespread power outages and water shortages throughout the state. The regulators released a joint letter outlining actions institutions could take “to meet the financial services needs of their communities” … The White House this week announced several measures to ensure the smallest firms have access to loans made through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The measures include an exclusive 14-day application window (starting Feb. 24) for firms with fewer than 20 workers, a revised loan calculation, and funding set-aside for sole proprietors and self-employed individuals and new eligibility for businesses owned by those with certain felony convictions.

NASCUS Summary: NCUA Request for Information, Communications & Transparency

Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Texas Winter Storms

FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief