Credit unions remain in a position to help consumers, but looming stress suggests Congress and regulators need to act quickly to avoid a deeper economic crisis, CUNA wrote to the Senate Banking Committee Tuesday. The committee conducted a hearing with federal financial regulators Tuesday, including NCUA Chairman Rodney Hood.
CUNA’s letter notes two surveys that indicate significant economic assistance to consumers and small businesses is critically important.
“As Congress contemplates further COVID-recovery legislation and exercises its oversight responsibilities over the Federal financial regulators, it is critical that policy be examined and modified to ensure credit unions remain in a position to serve their members throughout and after this crisis,” the letter reads.
CUNA notes that credit unions are ready to help, as:
NCUA can take further steps to ensure credit unions remain in a position to serve their members, including:
Congress could also take actions to help members, including: