California State Government Affairs
The Special Election is May 12, 2020, results will be posted and updated here.
California Plans to Modify Stay-At-Home Order
On Tuesday, April 28, Governor Newsom announced that California is weeks away from making meaningful modifications to the stay-at-home order. Specifically, the Governor’s team presented a roadmap consisting of four stages for businesses to safely re-open. Newsom explained that we are currently in stage 1 and only weeks away from phase 2. Review the four stages here.
Nevada & Colorado Join Western States Pact
On Monday, April 27, Governor Newsom announced that Colorado and Nevada have joined a coalition of Western states coordinating a gradual lifting of coronavirus restrictions. The governors of California, Washington and Oregon had already announced a regional pact aimed at restarting their economies as the pandemic’s spread has slowed. The addition of two more states means the group will encompass some 60 million Americans, or about a fifth of the nation’s population. Nevada Governor Steve Sisolak said on Twitter that “our states will only be effective when working together against the coronavirus,” citing the need to share information. And he noted that their economies are intertwined by tourism and commerce, necessitating collective action to prevent the virus from flaring anew. The growing alliance reflects the fact that governors, rather than the federal government, are making the critical decisions about when to reopen their states’ slumbering economies. All five of the Western group’s governors are Democrats, and all have said they will hew to science first. Read more here.
Federal Government Affairs
NCUA Sends Letter to Senator Crapo, Chairman of the Senate Banking Committee
The National Credit Union Administration has submitted a request letter to the Chairman of the Senate Banking Committee. The letter outlines the Agency’s actions to aid credit unions to date, and actions it deems necessary in the legislative actions. They cover items from capital and liquidity issues to charter enhancements. The Leagues generally support these items, minus a few, such as expansive vendor authority. Many of these items we will be lobbying over the next few weeks. Stand by for more details.
Congress Return Dates
The Senate is set to return on Monday, May 4 and the House of Representatives is set to return on Monday, May 11. The Capitol is closed to visitors and staff are being staggered-in, but still accessible.
Update on PPP Loans
*Data updated as of 4/29/2020
Small Banks/Credit Unions Under $10 billion in Assets lead the way in LOANS and DOLLARS:
Medium Banks (between $10 and $50 billion in assets):
Large Banks (over $50 billion in assets):
In light of the COVID-19 pandemic and its impact on operations, regulators have extended comment deadlines on proposed rules. The following proposals are open for comment and will be available in PowerComment soon.
|Agency||Proposed Rule||Due Date|
|CA DBO||Public Banks (RFI) – Definitions and Application Requirements||5/19/2020|
|NCUA||Corporate Credit Unions||5/26/2020|
|NCUA||Combination Transactions with Non-Credit Unions; CU Asset Acquisitions||5/29/2020|
|CFPB||Debt Collection -Time-Barred Debt||6/5/2020|
|FHFA||FHLB Membership (RFI)||6/23/2020|
|NCUA||Annual Review One-Third of Regs||8/3/2020|
|RFI – Request for Information/Input|
US Census 2020
Make sure you and your members are counted in the United States Census 2020! The goal of the census is to count every person living in the United States, once, only once and in the right place. U.S. Constitution mandates that this population and housing count occur every 10 years. Census data guides how more than $675 billion of federal funding is distributed to states and communities each year.
Stay Informed at the Local Level
Check your county’s COVID-19 response here to stay informed about your local health orders and additional local government actions.