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 » House passes updated HEROES Act with CDFI funding, SAFE Banking Act
Policy & Issues

House passes updated HEROES Act with CDFI funding, SAFE Banking Act

October 1, 2020
Cap1

The House voted Thursday night to pass an updated HEROES Act COVID-19 relief legislation. CUNA wrote to House leadership Wednesday noting areas it supports, specific concerns and additional suggestions. 

“We appreciate the swift response that Congress and the administration have undertaken to address the economic consequences of the pandemic," the letter reads. "More needs to be done, and still more will nee d to be accomplished in the months and years ahead. As financial first responders, America’s credit unions stand willing and able to help consumers and small businesses during the crisis and into recovery.

The letter calls for inclusion of House and Senate bill language that would provide for the simple forgiveness of Paycheck Protection Program (PPP) loans under $150,000.

CUNA supports the following provisions in the bill:

  • An emergency appropriation of $1 billion for the Treasury’s Community Development Financial Institutions Fund;
  • Exempting of Economic Impact Payments from garnishments, as well as the bill’s enhancements to the CARES Act Employee Retention Payroll Tax Credit;
  • Inclusion of the SAFE Banking Act, which would offer protections to financial institutions serving legal cannabis-based businesses;

CUNA’s is concerned with:

  • A blanket prohibition of certain debt collection actions, which CUNA believes could disrupt creditors’ ability to actively manage loan portfolios;
  • Suspension of negative credit reporting, which CUNA believes could “undermine the usability of credit reports” and result in reduced credit access;

CUNA also called on Congress to include provisions extending Troubled Debt Restructuring and Central Liquidity Facility enhancements through 2021 and to give NCUA additional authority to adjust capital requirements for credit unions impacted by the crisis.

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

  • FOM modernization bill passes House Financial Services Committee

  • House committee to mark up field of membership modernization bill

  • FOM modernization bill is free-market solution to address financial access

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