Sen. Jack Reed (D-R.I.), introduced a bill this week to create a $75 billion Homeowner Assistance Fund. Reed introduced the bill with lead co-sponsors Sens. Sherrod Brown (D-Ohio) and Patrick Leahy (D-Vt.)

“This bill will help prevent mortgage defaults, foreclosures, and displacements of Americans who are still feeling the economic impact of this pandemic,” said CUNA President/CEO Jim Nussle. “We strongly support this bill and look forward to working with legislators to move it forward.”

The fund would be allocated in part based on a formula that weighs state unemployment claims relative to the number of national unemployment claims, according to the legislators.