Law and regulation

Two weeks of presidential nominating festivities kick off Monday as the controversy over funding for the U.S. Postal Service worsens.

The Small Business Administration began accepting applications Monday, but lenders such as JPMorgan Chase are holding off in hopes that Congress will grant blanket forgiveness for smaller Paycheck Protection Program loans.

Trade groups are still pushing for the industry's priorities, such as temporarily lifting the member business lending cap, as negotiations over the next round of aid continue.

Kyle Hauptman is not likely to be confirmed to the National Credit Union Administration board until after Labor Day, though the regulator is not scheduled to meet again until mid-September.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

The Senate Banking Committee will vote this week on Kyle Hauptman's nomination to the NCUA board while the full chamber continues to debate additional coronavirus relief measures.

The bill, backed by the New York Credit Union Association, has cleared the Senate, but a companion bill is stuck in committee in the Assembly.

Kyle Hauptman pledged to focus on capital reform and expanding access for the underserved if confirmed to the credit union regulator's board, but one senator questioned whether the nominee was even qualified to serve.

The coronavirus pandemic has exposed weaknesses even at well-established fintechs. They could become more resilient by partnering with traditional financial institutions.

The latest nominee to the National Credit Union Administration board is set to appear before a Senate committee while a new forecast indicates the economy could take longer to turn around than expected.