FOR IMMEDIATE RELEASE
May 12, 2020
Credit Union National Association (CUNA) yesterda sent a letter to the Senate Banking Committee (SBC) ahead of its hearing with federal financial regulators. National Credit Union Administration (NCUA) Chairman Rodney Hood is expected to testify before the committee. The letter commends the swift action NCUA has taken to assist credit unions working with members affected by the COVID-19 pandemic but also recommends additional policy changes.
“Uncertainty has been pervasive since the outset of the COVID-19 pandemic and continues to be one of the greatest challenges facing us now. It is impossible to forecast precisely the duration of the crisis or the depth of its economic and financial impact,” CUNA President/CEO Jim Nussle wrote. “For credit unions that need to remain open to serve all their members, and in a position to help those in need, the uncertainty factors into every decision they make.”
NCUA has allowed military personnel to count toward the low-income credit union designation, issued guidance on remote and virtual board meetings, implemented a rule to relax appraisal requirements, acted quickly to expand the Central Liquidity Facility and other actions since the onset of the pandemic.
CUNA highlighted several areas where NCUA and Congress should take action to ensure that credit unions remain positioned to serve their members during the crisis and into economic recovery: