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Home » PCA, MBL, FOM flexibility would help CUs continue service
Policy & Issues

PCA, MBL, FOM flexibility would help CUs continue service

February 24, 2021
Coronavirus

Additional flexibility granted by Congress would ensure credit unions can continue to serve pandemic-affected members, CUNA wrote to the Senate Banking Committee Wednesday. The committee will conduct a hearing Thursday on rebuilding Main Street in the wake of the pandemic.

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

CUNA recommends Congress:

  • Provide NCUA temporary flexibility to offer forbearance from Prompt Corrective Action requirements;
  • Exempt member business loans during, and for one year after, the national emergency; and
  • Expand credit union field of membership to ensure that federal law permits all federal credit unions to serve underserved areas.

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.
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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.

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