Speaker of the House Nancy Pelosi (D-Calif.) unveiled the Democratic majority’s next phase COVID-19 policy proposal—titled the HEROES Act—on Tuesday.
“This draft legislation makes it clear that there is a lot more work for Congress to do to ensure that as the economy reopens, consumers and small businesses have what they need to recover,” said CUNA Chief Advocacy Officer Ryan Donovan. “The good news is that this is the first step, not the last word.”“
“There are a number of provisions that will help in the recovery, like the $1 billion appropriations for the Community Development Financial Institution Fund. However, those provisions are offset by ones that are steps backwards, not to mention the beneficial policy proposals left on the table robbing small businesses of critical access to credit,” Donovan said. “We look forward to working with Congress to enact a bill that will do what needs to be done to help consumers, small business and the economy recover.”
Since the passage of the CARES Act last month, CUNA and the Leagues have asked lawmakers to include provisions that would allow credit unions to support those most affected by the COVID-19 emergency, including: