The Treasury and Internal Revenue Service announced Wednesday that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.
Cooperative businesses must be able to fully participate in the Paycheck Protection Program created by the CARES Act, CUNA wrote to the SBA, as credit unions can make loans using the funds but, it’s unclear if they are allowed to participate in the PPP as well.
The CARES Act recognizes credit unions as part of several vital economic recovery programs, notably the $349 billion Paycheck Protection Program, which makes available funds for small businesses to secure up to eight weeks of payroll costs, rent and utilities.
CUNA President/CEO Jim Nussle discussed how credit unions are serving Americans affected by the COVID-19 pandemic on MSNBC Live Sunday night, comparing that response to a report that banks are tightening credit standards as a result of the outbreak.
The NCUA announced Monday that all NCUA examinations will take place offsite through May 1 and this offsite policy will remain in effect until further notice. According to NCUA, it will reevaluate this approach through the duration of the COVID-19 pandemic.
CUNA and other organizations Monday requested the Federal Communications Commission issue some form of ruling, clarification or waiver that calls from financial institutions to consumers related to COVID-19 should fall under the TCPA's Emergency Purposes Exception.
Credit unions make a difference when they’re needed most, including during the coronavirus disease (COVID-19) pandemic, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Friday.
The House passed and President Donald Trump has signed into law the latest COVID-19 relief bill Friday, one with several provisions for credit unions. CUNA/League advocacy helped ensure credit unions were included in several provisions.
NCUA’s latest Letter to Credit Unions highlights a joint statement from federal financial regulators on encouraging responsible small-dollar lending during the COVID-19 pandemic, a statement expressly encouraging credit unions to offer responsible small-dollar loans.
CUNA recommends NCUA issue an interim final rule rule eliminating the requirement that a borrower “be a member of the credit union for at least one month” before receiving a PAL I to give additional flexibility necessary to meet members’ needs.
The CFPB Thursday announced several changes called for by CUNA to allow financial institutions flexibility during the COVID-19 outbreak, including reporting from HMDA and certain credit card agreements.
Through direct CUNA and League advocacy, credit unions will be able to better serve their members affected by the latest COVID-19 relief legislation. The bill, passed by the Senate late Wednesday, was amended to include credit unions in several provisions.
Clear and consistent guidance will be needed from the SBA on the expansion of its 7(a) loan program due to the coronavirus disease pandemic. Congress has agreed on legislation with $350 billion to provide small businesses with funds for critical items.