CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » TDR, CLF extension, MBL flexibility needed in pandemic relief bill
Policy & Issues

TDR, CLF extension, MBL flexibility needed in pandemic relief bill

July 22, 2020
COVID19

Credit unions, members and member small businesses need resources to get them through the pandemic and recovery period, CUNA wrote to House and Senate leadership Thursday. Congress is expected to begin discussions on a fourth phase of COVID-19 relief legislation in the coming days and weeks.

“As the pandemic persists in the United States, the American economy has been shaken. In these u uncertain times, credit union’s top priority is keeping their members, volunteers and employees safe while remaining in a position to serve members and the community during and after the crisis,” wrote CUNA President/CEO Jim Nussle. “That said, as you continue your work to provide resources to American families and small businesses, we encourage you to remove barriers and address issues in order to ensure credit unions can fully serve and support their communities.

CUNA urged Congressional leader to include the following in the next phase of COVID-19 relief legislation:

  • Extend Troubled Debt Restructuring through the end of 2021, as it is currently scheduled to end at the end of 2020 or within 60 days after the end of the national emergency;
  • Extend the Central Liquidity Facility expansion through at least 2021 and increase the borrowing authority multiplier to 25 (up from the current 16);
  • Provide liability protection to protect businesses acting in good faith to comply with established best practices to protect credit unions reopening branches;
  • Streamline the Paycheck Protection Program forgiveness process, particularly through the PPP Small Business Forgiveness Act, which would simplify forgiveness for PPP loans under $150,000;
  • Allow remote notary and remove face-to-face requirement and permit notary requirements to be completed over the internet through the use of two-way audio-visual technological communication methods; and
  • Provide member business lending flexibility by supporting House and Senate bills to exempt pandemic-related loans from the member business lending cap.

KEYWORDS coronavirus Paycheck Protection Program
Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • Credit unions foster financial well-being in members, survey shows

  • House passes CUNA-backed fair hiring bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us