Federal policymakers unveiled an omnibus spending bill Monday that would fund the federal government through Sept. 30, 2021, and includes several CUNA-sought provisions related to pandemic relief. The bill contains CUNA-League supported language delaying the current expected credit loss (CECL) standard, Troubled Debt Restructuring (TDR), and Paycheck Protection Program (PPP) forgiveness clarity, as well as legislation addressing several other key credit union priorities.
“We’re very pleased to see a number provisions in the compromise bill that will help credit unions remain in a position to serve their members during and after this crisis. We urge Congress and the administration to take swift action to pass the bill,” said CUNA President/CEO Jim Nussle. “Throughout the pandemic, credit unions have been there for their members as financial first responders. We know credit unions will continue to be a vital part of the economic recovery.”
CUNA sent a letter to Congressional leadership Monday evening in support of the legislation.
Specifically, the bill contains:
It also contains CUNA-supported funding amounts for FY2021 for the Treasury’s CDFI Fund ($270 million), NCUA’s Community Development Revolving Loan Fund ($1.5 million) and the U.S. Agency for International Development’s Cooperative Development Program ($18.5 million).
On Monday evening, the House and Senate passed the measure. The President is expected to sign it into law this week.