CUNA President/CEO Jim Nussle appeared on NewsMax TV’s Spicer & Co. Tuesday evening with former White House Press Secretary Sean Spicer to discuss credit unions and the coronavirus disease (COVID-19). The segment quotes Nussle’s statement to The Hill about a number of unanswered questions in the Interim Final Rule on the $349 billion Paycheck Protection Program created by the CARES Act.
CUNA, the American Association of Credit Union Leagues and all 35 Leagues wrote to Treasury and the SBA requesting additional information and changes earlier this week.
“Part of the reason we raised concerns was not to complain, and certainly not to say it’s the wrong program, it’s exactly the right kind of thing to do to make sure people know their jobs are secure and businesses can stand back up again after the virus,” he said. “It was just a way to say it takes a while to get $350 billion out the front door, and even before the first week is done…they’re talking about how they need another $250 billion.”
Nussle also discussed how credit unions are different than banks when it comes to business lending, and how credit unions, as before the pandemic, are prepared to serve and advance their communities.