Bipartisan coalition of lawmakers, with CUNA/League support, call for TDR & CLF extension

October 20, 2020

A bipartisan group of lawmakers Tuesday sent a letter to Speaker of the House Nancy Pelosi (D-Calif.) and House Minority Leader Kevin McCarthy (R-Calif.) calling for a one-year extension to existing Troubled Debt Restructuring (TDR) and Central Liquidity Facility (CLF) regulations, an issue championed by CUNA, the Leagues, and credit unions.

In the letter led by Rep. Danny Davis (D-Ill.), members ranging from progressive Democrats to conservative Republicans recognized the efforts that credit unions are making to help as many Americans as possible, underscoring that TDR and CLF extensions will aid in that economic support to credit union members.

“We appreciate the leadership and support the signatories have shown,” said CUNA Chief Advocacy Officer Ryan Donovan. “This group of members coming together sends a strong signal that these provisions are critical to credit unions and their members as we all work toward recovery from this horrible virus and the ensuing economic crisis.”

The letter, which was also sent to House Financial Services Committee Chairwoman Maxine Waters (D-Calif.), recognized the leadership of NCUA in campaigning for the CLF in the pandemic’s early days.

“We need to take steps to ensure the long-term viability of the CLF so that it can help credit unions in future crises,” the letter states.

CUNA and the Leagues have been at the forefront of credit union advocacy on these important economic recovery tools, and continues to work with lawmakers on these and several other credit union priorities as pandemic relief negotiations continue in Washington. A product of 360-degree advocacy, this letter originated during a Hill hike by the Illinois Credit Union League.