COVID Phase 4 bill work continues, potential consideration in July

June 8, 2020

CUNA and the Leagues continue to push for credit union priorities in the next phase of COVID-19 relief legislation, CUNA Chief Advocacy Officer Ryan Donovan says in this week’s Advocacy Update video. Both chambers are in session this week, with the House expected to begin work on police reform legislation and the Senate expected to work on land legislation.

“We continue to work on more than 60 issues related to the COVID-19 pandemic,” Donovan said. “These issues present themselves in Congress, as well as the NCUA, CFPB, Small Business Administration, Federal Communication Commission FHFA and state governments.”

As discussions continue on Capitol Hill over a fourth round of comprehensive recovery legislation, Donovan notes CUNA and leagues are “intensely focused” on:

  • Increasing appropriations for the Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund;
  • Extending the expansion of the Central Liquidity Facility;
  • A one-year exemption from the member business lending cap for COVID-19 related loans;
  • Providing for national remote notary authority
  • Give NCUA authority to provide additional prompt corrective action flexibility
  • Create a housing assistance fund;
  • Enact liability protection for business that remain open during pandemic

Donovan says the bill is expected to be developed slowly, with consideration potentially happening in July.

He also discussed Congressional hearings CUNA is engaged with this week and other issues in the video, which can be found below.