Removing Barriers Blog

COVID-19: CUNA and Trades respond to Senators
Posted March 18, 2020 by CUNA Advocacy

Yesterday, CUNA joined other financial trades in sending a letter responding to  Senators Mark Warner (D-VA), Jack Reed (D-RI), Bob Menendez (D-NJ), Elizabeth Warren (D-MA), Brian Schatz (D-HI), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV) and Doug Jones (D-AL).  CUNA and the other organizations wrote to encourage prudent and appropriate actions to assist consumers.

As Congress and the Administration respond to the coronavirus disease (COVID-19) crisis, credit unions and banks will continue to offer assistance to customers directly affected.

“We share your concern about the toll the spread of this disease is taking on customers, communities and the broader economy. At this time of significant challenge to the nation, we can report that banks and credit unions across the country are stepping up to help those affected,” the letter reads. “We are in the business of serving customers, especially when an unexpected hardship strikes. Banks and credit unions are well positioned to assist customers and many have already begun the process of reaching out to offer a variety of services to individual borrowers and small business owners alike, including but not limited to fee waivers; deferred payments for credit cards, auto loans and mortgages; loan modifications; low-rate and zero-rate loans and other accommodations.”

The letter also states the importance of regulatory agencies continuing to work with financial institutions to assist borrowers, and thanks regulators for their proactive and responsive efforts so far.

Signers of the letter include:

  • American Bankers Association
  • Bank Policy Institute
  • Consumer Bankers Association
  • Credit Union National Association
  • Financial Services Forum
  • Independent Community Bankers of America
  • National Association of Federally Insured Credit Unions