Release of House Phase 4 relief legislation likely this week

May 11, 2020

CUNA Chief Advocacy Officer Ryan Donovan gave an update on the latest phase of COVID-19 relief legislation, among other topics in his Advocacy Update video for this week. Both chambers of Congress are in session this week.

Speaker of the House Nancy Pelosi (D-Calif.) is expected to unveil the House version of the bill this week, and Donovan says there will be some provision credit unions support as well as others credit unions would oppose.

Donovan detailed how this week might work out in terms of relief legislation, including hurdles it must overcome if the legislation is to move forward in the Senate.

NCUA Chairman Rodney Hood is scheduled to testify before the Senate Banking Committee Tuesday, along with other federal financial regulators.

CUNA has engaged with the committee leading up to the hearing to highlight ways NCUA and Congress can help credit unions increase service to members. CUNA outlined those policies in a letter to the committee Monday.

Donovan also thanked NCUA for its decision to allow military personnel to count toward earning a low-income credit union designation.

The full update from Donovan can be found in the video below.