Despite difficulties presented by the coronavirus disease (COVID-19) pandemic and accessing the Paycheck Protection Program (PPP), credit unions remain financial first responders for their members and businesses, CUNA President/CEO Jim Nussle told CBS News’ Chief White House correspondent Major Garrett this week. Nussle appeared on Garrett’s podcast The Takeout Monday to talk the credit union difference, PPP problems and his experiences in Congress and the administration during previous crises.
Nussle served in Congress from 1991 to 2007 (including as chair of the House Budget Committee) and as director of the Office of Management and Budget from 2007 to 2009.
Garrett, who told Nussle his first account when he moved to Washington, D.C. was at a credit union, asked Nussle’s thoughts and concerns with the rollout of the PPP’s two rounds of funding and where credit unions fit into that picture.
Nussle said credit unions, as member-owned financial cooperatives, are “intensely local,” as they are made up of community members and are motivated to find ways to serve those communities through good times and bad.
Nussle, who chaired the House Budget Committee in the wake of the 9/11 attacks and was OMB Director during the financial crisis of the last decade, also shared his thoughts on how the COVID-19 pandemic compares and what kind of government intervention can help blunt the impact.
A condensed version of Nussle’s interview was also featured on the CBS News podcast, Debriefing the Briefing, in which Garrett and other CBS news correspondents break down the daily White House COVID-19 briefings.