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Michigan Credit Union League

CUNA's COVID-19 Advocacy Update

As coronavirus continues to dominate the news cycle, we wanted to keep you updated on some of the legislative and regulatory matters that the Credit Union National Association (CUNA) is pursuing in response to COVID-19 on behalf of credit unions.

  • On March 11, CUNA sent a letter to Congressional appropriators asking for an increase in the funding for the Community Development Revolving Loan Fund (CDRLF) from $1.5 million to $3.0 million and an increase in funding for the Community Development Financial Institution Fund (CDFIF) from $262 million to $300 million.
  • CUNA is currently working with league staff from states with leadership on the authorizing committees and they are approaching Congress with two legislative priorities to consider as it puts together further response legislation. Specifically, CUNA is proposing legislation to exempt member business loans made in federally declared disaster areas and during public health emergencies from the member business lending cap. Additionally, they are proposing legislation to exempt from the member business lending cap the entirety of loans guaranteed by the Small Business Administration. This may not be the complete universe of proposals they will put before Congress, but these are the first two sent up.
  • CUNA will be sending NCUA Chairman Hood a letter encouraging examination accommodations for credit unions impacted by COVID-19, capital forbearance for credit unions serving members impacted by the virus, and guidance on the ability of federal credit unions to hold virtual board and membership meetings.
  • Next, CUNA will be sending a letter to the CFPB to encourage them to finalize their remittance rule and to provide an accommodation for remittance transfers to persons overseas impacted by the virus.

Steps are also being taken to assess how credit unions are preparing to serve and are serving members during this crisis.

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2020-03-12 00:00:00