CUNA wrote to leaders of the Senate Banking Committee and House Financial Services Committee Thursday with information on credit unions’ response to the coronavirus disease (COVID-19) outbreak, and including a number of suggestions to help increase member service.
Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, and Rep. Maxine Waters (D-Calif.) this week echoed CUNA’s call for a moratorium on federal regulator rulemakings unless specifically designed to provide COVID-19 relief.
CUNA is in regular contact with its member credit unions, and notes in its letter that it is currently surveying members to better understand how they are planning during the outbreak.
The survey has also shown credit unions have three immediate concerns:
CUNA also asked Congress to consider permitting corporate credit unions to serve as agents for credit union access to NCUA’s Central Liquidity Facility (CLF), as CUNA anticipates that as the crisis persists credit unions will need to be able to efficiently access additional liquidity sources.