Twenty seven Minnesota credit unions have signed on to an agreement with the state's governor, lieutenant governor and attorney general, as well as other financial institutions to provide a uniform set of mortgage relief options for members affected by the pandemic.
CUNA wrote in support of the PPP Forgiveness Act Wednesday, a bill that would simplify forgiveness of PPP loans under $150,000. Credit unions have issued thousands of PPP loans, including more than 60,000 loans averaging $49,000 each from the smallest credit unions.
CUNA joined the National Governors Association and dozens of other organizations this week to write to Senate leadership to call for “more robust and direct stimulus” for state and local governments to rebuild the economy and maintain essential services.
The pandemic response from the Treasury and Federal Reserve has helped stabilize the economy, but additional actions could continue to help individuals and businesses, CUNA wrote to House Financial Services Committee leadership Wednesday.
Four federal agencies, including NCUA, in conjunction with the state bank and credit union regulators have issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic.
Credit unions are the nation's financial first responders and are the best equipped to support the people who need help the most, and CUNA sent Congress Tuesday a new document with detailed information on how additional actions could help COVID-19 recovery efforts.
The economy will likely see a significant decline in growth in 2020 and a modest recovery in 2021, CUNA Senior Economist Jordan van Rijn says in CUNA’s latest Economic Update, and he expects continued aggressive monetary and fiscal action.