Removing Barriers Blog

Letter sent to Senate Banking prior to Coronavirus hearing
Posted February 18, 2021 by CUNA Advocacy

Earlier today, we wrote to Chairman Brown and Ranking Member Toomey prior to the Senate Banking Committee's hearing entitled, “The Coronavirus Crisis: Paving the Way to An Equitable Recovery.” Credit unions have been and continue to be America’s financial first responders during the COVID-19 pandemic and the ensuing economic fallout. CUNA, Congress, and the National Credit Union Administration (NCUA) have worked together to empower credit unions to effectively respond to the unique financial challenges of Americans in 2020. We appreciate the work of Congress in crafting this legislative package to ensure that credit unions can continue helping Americans and small business to meet the challenges in 2021 and beyond.

While we understand that the next round of COVID-19 relief legislation is being moved through Congress under the Budget Reconciliation process, which limits the inclusion of certain policies, we hope that additional attention will be given to policy changes that meet both the immediate needs of Americans, as well as long-term economic recovery.

Legislative actions needed include:

  • Providing temporary flexibility to NCUA to offer forbearance from Prompt Corrective Action requirements;
  • Exempting member business loans during, and for one year after, the national emergency; and
  • Expanding credit union field of membership to ensure that federal law permits all federal credit unions to serve underserved areas.