Credit Unions | Albin, Randall and Bennett

NDAA for 2021: What’s in Store for Credit Unions?

We’ve come to expect the National Defense Authorization Act (NDAA) to pass each year, as it has for the last 59 consecutive fiscal years. The legislative journey for the NDAA’s 60th year has been a complex journey. President Trump vetoed the $741 billion bill on December 23rd; however, after a House vote (322-87) to override


FinCEN Clarification: BSA Due Diligence for Charities and Nonprofits

In an effort to provide clarity to credit unions on applying a risk-based approach to BSA due diligence for charities and nonprofit organizations, FinCEN, in conjunction with the Federal Banking Agencies, has issued a fact sheet for reference. FinCEN was clear that the fact sheet does not alter existing BSA/AML legal or regulatory requirements, nor


SBA Issues PPP Loan Necessity Questionnaires to Borrowers of $2M or More

The Small Business Administration (SBA) has developed two questionnaires, one for nonprofit borrowers and one for for-profit business borrowers, that will go to Paycheck Protection Program (PPP) borrowers with loans, together with their affiliates, totaling $2 million or more. These questionnaires are part of the SBA’s review of the program, including review of good-faith certifications


Credit Unions Must Notify PPP Borrowers of Extended Deferral Period

The Paycheck Protection Program Flexibility Act of 2020 extended the 6 month deferral period for Paycheck Protection Program (PPP) borrower payments of principal, interest, and fees on all loans. If your credit union hasn’t already done so, we advise notifying PPP borrowers of the deferral period change immediately. The deferral period now ends: the date