CUNA President/CEO Jim Nussle discussed the credit union response to the coronavirus disease (COVID-19) with a bipartisan group of House Financial Services Committee members Friday, including Ranking Member Rep. Patrick McHenry (R-N.C.) and Consumer Protection and Financial Institutions Subcommittee Chairman Rep. Gregory Meeks (D-N.Y.).
During the meeting, Nussle shared concerns CUNA has heard from member credit unions about issues accessing Paycheck Protection Program (PPP) funds, including difficulties accessing the E-TRAN system. CUNA has written to the Treasury and SBA calling for resolution to these issues to increase credit union access.
“Despite the pandemic and the issues rolling out certain relief measures, credit unions have been there for their members, which I was proud to share with House Financial Services Committee members during our conversation today,” Nussle said. “The average credit union PPP loan at around $64,000, compared to the national average of $300,000, shows that credit unions are getting needed funds to Main Street businesses, and I shared some inspiring examples I’ve heard from around the country.”
Nussle also shared ways Congress can act to help credit unions increase services to affected members, including enactment of the Access to Credit for Small Businesses Act, bipartisan legislation from Rep. Brad Sherman (D-Calif.) that would exempt credit union business loans made during the COVID-19 emergency from the member business lending cap for three years.