CUNA engaged with DEI, small biz lending hearings this week

September 8, 2020

The Senate in is session this week and the House is in “pro forma” session, meaning no votes will happen but hearings will be conducted. CUNA will be engaged in several of the hearings this week, and CUNA Chief Advocacy Officer Ryan Donovan breaks down the next three weeks in Congress, the final weeks of the government’s fiscal year, in this weeks Advocacy Update video.

On Tuesday the House Financial Services subcommittee on diversity and inclusion conducted a hearing, “Holding Financial Regulators Accountable for Diversity and Inclusion: Perspectives from the Offices of Minority and Women Inclusion.”

CUNA submitted a letter for the hearing detailing credit union’s commitment to diversity, equity and inclusion (DEI). Monica Davy, director of NCUA’s Office of Minority and Women Inclusion, testified on the agency’s actions to promote diversity, equity and inclusion

Other hearings CUNA is engaged with this week include:

  • Wednesday, 10 a.m. (ET): Senate Banking Committee hearing, “The Status of Federal Reserve Emergency Lending Facilities;”
  • Wednesday, 1 p.m. (ET): House Small Business Committee hearing, “Transparency in Small Business Lending;” and
  • Thursday, House Financial Services Committee hearing, noon (ET):“The Need for Financial Aid to America's States and Territories During the Pandemic: Supporting First Responders, Assisting Schools in Their Efforts to Safely Educate, and Preventing Mass Layoffs.”

Going forward, Donovan said Congress will look to pass a new COVID-19 relief bill as well as government appropriations bills before government funding expires Sept. 30.

“Those two [issues] have been distinct for most of the summer, there’s a good chance they come together in September,” he said, adding that CUNA’s priorities for COVID relief legislation remain the same, including:

  • Extending Troubled Debt Restructuring and Central Liquidity Facility enhancement from the CARES Act;
  • Providing prompt corrective action flexibility;
  • Simplified Paycheck Protection Program (PPP) forgiveness for loans under $150,000;
  • Liability protection;
  • State and local funding; and
  • Proper funding amounts for the Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund.

Donovan also addresses the Federal Housing Finance Agency’s response to CUNA and the Leagues regarding the GSE refinance fee, and the delay in the comment deadline for interagency flood insurance questions.