NCUA Board Member Todd Harper discussed several ways Congress could help credit unions increase member service during the coronavirus disease (COVID-19) pandemic, including ones CUNA has advocated for, during his remote address to the Mountain West Credit Union Association Annual Meeting last week. Harper also urged credit unions to live up to their core philosophy, as it will be essential to recovery efforts.

“A ‘people helping people’ philosophy is at the core of the credit union movement,” Harper said. “Credit unions especially need to achieve that aspiration now when working with borrowers affected by COVID-19. A credit union’s efforts to work with members in communities under stress may contribute to the strength and recovery of these communities.”

CUNA has engaged with legislators from both parties and both chambers on relief that could be provided in a fourth phase of COVID-19 relief legislation and has made many of those suggestions in communications with NCUA and other policymakers.

Among the Congressional changes Harper said would “better equip the NCUA to contain the pandemic’s economic impact:”

• Make the Central Liquidity Facility provisions in the CARES Act permanent or extending their sunset by at least one year to Dec. 31, 2021. CUNA called for this change in a letter to House Financial Services Committee leaders;
• Allowing all member business loans made during the public health emergency to be temporarily exempt from the member business lending cap. Rep. Brad Sherman (D-Calif.) and others introduced a CUNA-supported bipartisan bill to exempt such loans from the cap for three years;
• Seeking an additional $10 million in appropriations to the Community Development Revolving Loan Fund for emergency grants to low-income credit unions. CUNA supported at least $3 million in additional CDRLF funds in response to draft legislation from House Financial Services Chair Rep. Maxine Waters (D-Calif.).