CUs hard at work during pandemic, are integral part of recovery

May 5, 2020

America’s credit unions are seeing the economic impact of the coronavirus disease (COVID-19) firsthand, CUNA Chief Advocacy Officer Ryan Donovan wrote to al 535 Congressional offices Tuesday. With the Senate back in Washington, D.C. and the House expected back next week, work is underway on the fourth phase of COVID-19 relief legislation.

“Putting people first — not corporate bottom lines — is what Americans need from their financial services partners,” Donovan wrote. “More and more, those impacted by this crisis need a helping hand. America's credit unions are hard at work supporting members' financial well-being, and we are ready to be part of the solution as our economy reopens and America gets back to work.”

Donovan added that credit unions can do more if Congress

  • Temporarily removes the statutory business lending cap so credit unions can help businesses get back on their feet and rebuild communities. CUNA supports legislation to exempt COVID-19 business loans from the member business lending cap and NCUA Chairman Rodney Hood has called for Congress to temporarily raise the cap to 20% of assets (up from the current 12.25%);
  • Increases funding for Community Development Financial Institutions (CDFIs), which have a proven track record of helping the people who need it most. CUNA has signed onto several letters calling for a $1 billion appropriation for the Treasury’s CDFI Fund.

He also provided a link to CUNA’s latest one-page document on how credit unions are serving members and communities impacted by the COVID-19 pandemic.