Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) MGN ImageWASHINGTON – A record 6.6 million workers filed for unemployment benefits last week due to the economic impact of the Coronavirus.The staggering number easily shatters all previous jobless figures.It’s historic, not seen even during the great depression or in the wake of the 2008 financial crisis.It also overtakes the expectations of economists, who were anticipating 3.5 million claims. It’s the second record-breaking weekly jobs report in a row. A week earlier, 3.3 million Americans filed for their first week of benefits.It comes as more businesses lay off and furlough workers amid the pandemic.
NAFCU continues to monitor hearings on Capitol Hill this week, including two House committee discussions on patent reform and the state of the Federal Housing Administration.The House Energy and Commerce Subcommittee on Commerce Manufacturing and Trade hearing, “Update: Patent Demand Letter Practices and Solutions,” is slated for 10:15 a.m. today.NAFCU reiterated credit unions’ growing concerns about patent-trolls’ demand letters and the need for legislative relief in a letter Tuesday to the subcommittee from Carrie Hunt, the association’s senior vice president of government affairs and general counsel.Legislation is needed “to alter the intimidating business model used by these patent assertion entities,” Hunt said, adding that NAFCU will continue to support Congress’ efforts to curb such activity. On Wednesday, NAFCU also signed onto a joint letter to the subcommittee leaders, with other financial trade organizations, advocating patent reform on behalf of financial institutions. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
More time for compliance with the Department of Labor’s (DOL) fiduciary rule, and other changes to minimize impact, could benefit credit union members, CUNA wrote to a House subcommittee Thursday. In a letter to leaders of the House Education and Workforce subcommittee on health, employment, labor and pensions, CUNA President/CEO Jim Nussle outlined credit union concerns with the DOL’s rule.“CUNA urged the DOL to delay the applicability of the Fiduciary rule and it has also supported additional efforts to conduct additional research to ensure that credit union members are not harmed by unintended consequences of overly broad rules,” the letter reads. “Additional analysis about whether choices may be limited for consumers, is beneficial for all consumers including credit union members.”Nussle also highlighted CUNA’s support for the Protecting American Families’ Retirement Advice Act, which would delay the fiduciary rule for 2 additional years after the June 9 effective date. 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »