CUNA addressed many of the challenges facing credit unions during implementation of COVID-19 relief legislation in a letter to the Senate Banking Committee. Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell testified before the committee Tuesday for a quarterly report on the status of the CARES Act.
“Credit unions welcomed the opportunity to help Americans by making PPP loans to small businesses that desperately needed help. We understand that rolling out this unique lending program was challenging for the SBA and clearly the product was still being developed as credit unions and other lenders were originating loans,” the letter reads. “Unfortunately, as was expected, the compressed timeframe in which the PPP was enacted and implemented resulted in many challenges for our member credit unions in making, processing, and disbursing loans.”
Highlights of the letter include: