Congress should implement COVID-19 policies that protect both consumers and financial institutions, CUNA wrote to a House Financial Services subcommittee Thursday. The Subcommittee on Consumer Protection and Financial Institutions held a hearing Thursday on policy options to help consumers during the pandemic.
“As Congress considers further policy options related to the public health and economic crisis we urge you to avoid implementing certain well-intentioned protections such as suspension of negative credit reporting, a debt collection moratorium, and extended forbearance periods that, could put the safety and soundness of all financial institutions at risk while providing little help to consumers,” the letter reads.
CUNA has concerns over:
CUNA also said further Congressional action is needed to: