NCUA awarded $3.7 million in grants and no-interest loans to 162 low-income credit unions, helping them provide affordable financial services to their members and communities during the pandemic. These included NCUA 153 grants totaling nearly $1.5 million and nine no-interest loans of $250,000 each.
More than six months into the COVID-19 crisis, the credit union industry continues to face new issues, CUNA wrote to NCUA Chairman Rodney Hood Wednesday reiterating several specific concerns it is hearing from credit unions and members, and including policy recommendations.
Quickly enacting the Paycheck Protection Program Small Business Forgiveness Act (S. 4117/H.R.7777) would help small businesses that need forgiveness to be as simple, cost-effective and efficient as possible, CUNA, AACUL and all League presidents wrote to Congressional leaders this week.
The Credit Union System COVID-19 Restart and Recovery Task Force released new findings for credit unions regarding business continuity, digital services and automation, staffing and operations, and industry financial impact Thursday. Credit unions have adopted a more strategic approach to staff training to better equip employees.
The CFPB issued a report Monday examining the early effects of the COVID-19 pandemic on consumer credit that found consumers have not experienced significant increases in delinquency or other negative credit outcomes as reported in credit record data following the onset of the COVID-19 pandemic in the United States.