CUNA wrote to NCUA Thursday asking it to consider several steps to alleviate the financial strain and consumer disruption being caused by the coronavirus. CUNA appreciates that NCUA and other regulators issued a statement earlier this week encouraging financial institutions to meet financial needs of consumers affected by the coronavirus, and offered several specific suggestions.
“We anticipate the challenges facing credit unions and their members will get worse before they get better, as it is clear we are in the early stages of this public health issue,” the letter reads. “The coronavirus has already and will continue to strain the broader economy. However, as often in the time of such challenges, there is an opportunity for credit unions to exemplify pro-consumer financial services.”
CUNA believes NCUA can ease the challenges facing credit unions by offering: