Removing Barriers Blog

Letter to Senate Banking for The Coronavirus Crisis: Next Steps for Rebuilding Main Street hearing
Posted February 25, 2021 by CUNA Advocacy

We wrote to Chairman Brown and Ranking Member Toomey prior to the Senate Banking Committee's hearing entitled, “The Coronavirus Crisis: Next Steps for Rebuilding Main Street.” 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.

“We appreciate the swift response that Congress has undertaken to address the economic consequences of the pandemic. More needs to be done, and still more will need to be accomplished in the months and years ahead,” the letter reads. “As financial first responders, America’s credit unions stand willing and able to help consumers and small businesses during the crisis and into recovery.”

CUNA recommends Congress:

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