CUs prepared to help communities recover from COVID-19

June 23, 2020

Credit unions are the nation's financial first responders and are the best equipped to support the people who need help the most, CUNA Chief Advocacy Officer Ryan Donovan said Tuesday.

In a message to all 535 Congressional offices, Donovan highlighted ways Congress can act to help credit unions help members recover from the pandemic and the associated economic crisis.

CUNA asks that Congress: 

  1. Support House and Senate bills to exempt credit union member business loans made during the emergency from the member business lending cap for one year. This legislation would create as many as 50,000 jobs and open up $5 billion;
  2. Support legislation that would establish a $75 billion Housing Assistance Fund at the Treasury to reduce mortgage defaults, foreclosures and displacements;
  3. Appropriate funds to Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund to provide relief to low-income communities 
  4. Provide liability protection for businesses, including credit unions, serving consumers at this critical time; and
  5. Extend Central Liquidity Facility expansion and Troubled Debt Restructuring to ensure credit unions and borrowers are protected.

The message also links to CUNA’s new document with detailed information on how the above and additional actions—including remote notary, Federal Home Loan Bank liquidity and more—could help COVID-19 recovery efforts.