Week ahead: PPP extension, NCUA board meeting

Lawmakers and regulators are set to cover a host of issues relevant to credit unions this week.

The House and Senate are both in session and in the days ahead both chambers are expected to continue debating an extension of the Small Business Administration’s Paycheck Protection Program, which is currently scheduled to sunset at the end of this month. A bill introduced last week would close the program on May 31 but allow 30 additional days to process loan applications.

PPP will also be key to multiple hearings throughout the week. The Senate Small Business Committee on Wednesday will examine the program’s performance, impact and next steps, while the Senate this week will also vote on whether to confirm Isabel Guzman to lead the SBA. Beyond that, the industry will also be watching as the House Financial Services Committee continues to examine the GameStop short-selling fiasco from February, a hearing in the Senate Banking Committee on the state of housing in America, and potential reauthorization of the Violence Against Women Act.

The National Credit Union Administration is also set to meet Thursday morning for its monthly open board meeting. Three items are on the agenda, including interim rules related to the agency’s Central Liquidity Facility and asset thresholds for large credit unions.

The board will also be briefed on NCUA’s Guaranteed Note Program. While the agenda for Thursday’s meeting does not contain specifics, there is a possibility the agency could announce more payouts related to the failures of several corporate credit unions during the financial crisis and Great Recession. Last summer, NCUA announced a $171 million payout to stakeholders who had a share in Southwest Corporate Federal Credit Union.