Donovan provides COVID-19 update: CUs are part of solution

March 23, 2020

Credit unions’ top priority is keeping their employees, volunteers and members safe, and remaining in position to continue to serve members during and after the crisis, CUNA Chief Advocacy Officer Ryan Donovan said Monday.

“Credit unions are financial first responders, so anything the government does during this crisis that helps to support small businesses consumers and the economy in general needs to include credit unions are part of the solution,” he said. “So, as we approach people in government, that’s what we’re seeking.”

CUNA has remained in contact with policymakers at all levels during the coronavirus disease (COVID-19) pandemic. Donovan detailed CUNA efforts with regulators, including NCUA, the Consumer Financial Protection Bureau and others, including pushing for current expected credit loss (CECL) and Regulation D relief.

He also shared some of the proposals that would help credit unions, including additional proposals CUNA has suggested to policymakers in recent days, including exempting member business loans (MBL) made during disasters exempt from the MBL cap, allowing credit unions to take on supplemental, potential changes to the Low-Income Credit Union and ways credit unions can do more to serve non-members.