Additional actions needed to address pandemic’s economic consequences

Additional Congressional action will be needed to address the economic consequences of the pandemic, CUNA wrote to the House Financial Services Committee Thursday. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell testified before the committee on pandemic relief programs.

“America’s credit unions appreciate the Treasury and Federal Reserve’s swift response to the pandemic, however, more needs to be done now and for future disaster response. We look forward to working with [the committee] in order to advance legislation that provides relief and spurs economic growth for credit unions, their members, and communities.”

Specifically, CUNA calls on Congress to:

• Provide temporary flexibility to NCUA to offer forbearance from Prompt Corrective Action requirements.
• Permanently extend the CARES Act Central Liquidity Facility (CLF) increased borrowing authority and other enhancements
• Exempt member business loans from the cap during and for one year after the national emergency
• Remove field of membership restrictions.