CUNA-Supported Provisions Found in the Latest COVID/Funding Bill
FOR IMMEDIATE RELEASE
December 21, 2020
Credit Union National Association (CUNA) today sent a letter to House and Senate leaders in support of H.R. 133, the Consolidated Appropriations Act for Fiscal Year 2021. The omnibus spending bill includes several CUNA-sought provisions related to COVID-19 relief, including the delay of the current expected credit loss (CECL) standard, extension of Troubled Debt Restructuring (TDR), and clarity on the Paycheck Protection Program (PPP) forgiveness.
“We’re very pleased to see a number provisions in the compromise bill that will help credit unions remain in a position to serve their members during and after this crisis. We urge Congress and the administration to take swift action to pass the bill,” said CUNA President/CEO Jim Nussle. “Throughout the pandemic, credit unions have been there for their members as financial first responders. We know credit unions will continue to be a vital part of the economic recovery.”
Several provisions in the legislation will help credit unions serve their members during the pandemic, including:
- Extension of the CARES Act’s Troubled Debt Restructuring (TDR) provision;
- Expansion of the National Credit Union Administration’s (NCUA) Central Liquidity Facility (CLF);
- Reauthorization of the PPP at $284 billion;
- Streamlined forgiveness for the PPP loans under $50,000;
- Funding for Community Development Financial Institutions (CDFI) and Minority Depository Institutions;
- Federal instrumentality access to the employee retention tax credit;
- Extension of the private mortgage insurance premium deduction; and
- A one-year delay of the implementation of the CECL standard.
The bill also contains CUNA-supported funding amounts for the Treasury’s CDFI Fund ($270 million), NCUA’s Community Development Revolving Loan Fund ($1.5 million), and the U.S. Agency for International Development’s Cooperative Development Program ($18.5 million).
A full copy of Jim Nussle’s letter to Congressional leadership can be found here.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.