PCA, MBL, FOM flexibility would help CUs continue service

February 24, 2021

Additional flexibility granted by Congress would ensure credit unions can continue to serve pandemic-affected members, CUNA wrote to the Senate Banking Committee Wednesday. The committee will conduct a hearing Thursday on rebuilding Main Street in the wake of the pandemic.

“We appreciate the swift response that Congress has undertaken to address the economic consequences of the pandemic. More needs to be done, and still more will need to be accomplished in the months and years ahead,” the letter reads. “As financial first responders, America’s credit unions stand willing and able to help consumers and small businesses during the crisis and into recovery.”

CUNA recommends Congress:

  • Provide NCUA temporary flexibility to offer forbearance from Prompt Corrective Action requirements;
  • Exempt member business loans during, and for one year after, the national emergency; and
  • Expand credit union field of membership to ensure that federal law permits all federal credit unions to serve underserved areas.