Removing Barriers Blog

COVID-19: Letter sent to Congressional leadership on next phase of relief legislation
Posted July 24, 2020 by CUNA Advocacy

Earlier this week, CUNA wrote to Congressional leadership as discussions on a fourth phase of COVID-19 relief legislation are expected to begin in the coming days and weeks.

“As the pandemic persists in the United States, the American economy has been shaken. In these uncertain times, credit union’s top priority is keeping their members, volunteers and employees safe while remaining in a position to serve members and the community during and after the crisis. That said, as you continue your work to provide resources to American families and small businesses, we encourage you to remove barriers and address issues in order to ensure credit unions can fully serve and support their communities." Jim Nussle, CUNA President/CEO 

CUNA urged Congressional leader to include the following in the next phase of COVID-19 relief legislation:

  • Extend Troubled Debt Restructuring through the end of 2021, as it is currently scheduled to end at the end of 2020 or within 60 days after the end of the national emergency;
  • Extend the Central Liquidity Facility expansion through at least 2021 and increase the borrowing authority multiplier to 25 (up from the current 16);
  • Provide liability protection to protect businesses acting in good faith to comply with established best practices to protect credit unions reopening branches;
  • Streamline the Paycheck Protection Program forgiveness process, particularly through the PPP Small Business Forgiveness Act, which would simplify forgiveness for PPP loans under $150,000;
  • Allow remote notary and remove face-to-face requirement and permit notary requirements to be completed over the internet through the use of two-way audio-visual technological communication methods; and
  • Provide member business lending flexibility by supporting House and Senate bills to exempt pandemic-related loans from the member business lending cap.