Both chambers of Congress are in Washington, D.C. this week, with the House scheduled for a committee work week. CUNA will be engaged with multiple hearings, including on several related to pandemic policies and relief.
The NCUA board adopted an interim final rule to update its regulations regarding the temporary changes to the Central Liquidity Facility (CLF) initially made by the CARES Act, including increasing the CLF’s borrowing authority and allowing corporate credit unions to act as agent members to borrow for their own needs.
A bipartisan group of lawmakers reintroduced the CUNA/League-backed Secure and Fair Enforcement (SAFE) Banking Act today, which would provide protections for financial institutions serving cannabis-based businesses where it is legal.
The Paycheck Protection Program has played an important role in keeping small businesses and their employees afloat during this crisis. Credit unions helped Main Street America by facilitating more than 200,000 PPP loans that averaged just $47,000.
Credit unions have continued to provide a record-breaking number of mortgage loans, and continued their role in financial education, informing members of significant mortgage relief available to those negatively impacted by the COVID-19 crisis.
CUNA joined several organizations this week to issue a statement regarding the delayed availability of funds from economic impact payments to consumers. Based on the delivery system the Internal Revenue Service (IRS) chose, funds will be available starting March 17.
Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) introduced a CUNA-supported bill today, the Expanding Access to Lending Options Act, that would raise federal credit union loan maturity limits on non-mortgage loans from 15 to 20 years.
Five federal regulatory agencies, including NCUA, requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance. The proposal is intended to help lenders comply with the agencies' joint rule promulgated in 2019.