CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA to White House: Credit unions need accommodations to provide COVID-19 financial assistance
Press

CUNA to White House: Credit unions need accommodations to provide COVID-19 financial assistance

March 17, 2020

FOR IMMEDIATE RELEASE
March 16, 2020
Washington, DC

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396      

Credit Union National Association (CUNA) President/CEO Jim Nussle wrote to President Donald Trump today to request that statutory and regulatory accommodations be made to ensure credit unions can continue to meet the financial services needs of their members impacted by the coronavirus (COVID-19).

“More than 2,100 credit unions, serving nearly 46 million members, have a primary field of membership that includes schools, military, health care, police, fire, transportation, utilities and government employees,” Nussle wrote. “These credit unions and others are serving members who are on the front lines of helping to keep others safe during this crisis.”

Given the severity of the crisis and the need for quick action to alleviate consumer financial disruption, CUNA is requesting that the administration, federal agencies and Congress:  

  • Suspend all pending rulemakings — and not propose additional rulemakings - that will not provide regulatory relief for financial institutions at this time.
  • Extend the effective dates for recently finalized regulations until 2021.  
  • Suspend all routine onsite examinations for at least the next 120 days.
  • Waive penalizations to credit unions implementing short-term emergency loan programs, skip-a-payment programs, loan modifications, fee waivers and other accommodations. 
  • Receive permission from the National Credit Union Administration (NCUA) to allow virtual membership and board meetings.
  • Suspend the Financial Accounting Standards Board (FASB) implementation of its current expected credit loss (CECL) standard for at least one year, until January 2024.
  • Increase appropriations for the Community Development Revolving Loan Fund (CDRLF) and the Community Development Financial Institution Fund (CDFIF).
  • Enact legislation to exempt credit union business loans made during federally declared disasters and emergencies from the credit union member business lending cap.
  • Enact legislation to exempt government-guaranteed loans made through programs at the Small Business Administration, Department of Agriculture and other agencies from the credit union member business lending cap.
  • Allow consumers to waive the rigid requirements related to the specific timing of disclosures (e.g. the three-day closing disclosure requirement) under the TILA-RESPA Integrated Disclosure (TRID) rule.
  • Expedite the Consumer Financial Protection Bureau (CFPB) amendment to the Remittance Rule increasing the “normal course of business” safe harbor and make an accommodation for transfers sent to individuals affected by the growing pandemic.

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us