Federal policymakers announced an agreement on an omnibus spending bill Sunday that would fund the federal government through Sept. 30, 2021, and provide long-awaited pandemic relief for consumers and businesses.
Though text of the bill has not yet been made public, several CUNA-sought provisions are anticipated, including language delaying the current expected credit loss (CECL) standard, Troubled Debt Restructuring (TDR) and Central Liquidity Facility (CLF) extensions, Paycheck Protection Program (PPP) forgiveness, and funds to community and minority-focused credit unions.
Topline relief provisions announced Sunday evening include:
Credit union-supported policies expected to be in the legislation include:
Congress also passed an additional 24-hour continuing resolution to avoid a shutdown as both chambers handle procedural matters. The House is expected to vote on the omnibus legislation Monday with additional procedural accommodations to be made at that time for Senate rules.