Several CARES Act provisions designed to assist in pandemic recovery should be extended for at least a year beyond the scheduled Dec. 31, 2020 sunset date, CUNA wrote to the Senate Banking Committee Tuesday.

The committee conducted a hearing on implementation of Title IV of the CARES Act Tuesday, and CUNA’s letter was submitted for its record.

CUNA believes the following CARES Act provisions should be extended at least one year beyond the scheduled Dec. 31, 2020 sunset date:

• Troubled debt restructuring compliance relief for financial institutions, which allows credit unions to modify troubled and other loans in relation to COVID-19;
• Expanded borrowing authority of the Central Liquidity Facility. CUNA also called for Congress to expand its borrowing authority to 25 times the amount paid in (up from the current 16 times);
• Authority provided to NCUA to increase federal insurance noninterest bearing transaction accounts.