CUNA and NAFCU are warning Congress that small businesses are going to continue to struggle from the economic impact of COVID-19, even after the most recent cycle of the PPP is completed.

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In the closing minutes of a hearing on the United States Postal Service this Wednesday, Rep. Ayanna Pressley (D-Mass.) brought up the suggestion that postal banking could help the post office recover financially while also helping serve those who do not have access to traditional banks.

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The Biden Administration has been studying the Paycheck Protection Program loan processes and has made some changes designed to smooth the process, cut down on fraud, and give the smallest businesses access to the loans. For two weeks beginning on Wednesday, PPP applications will be limited to businesses with fewer than 20 employees. Other changes have been made to the program too.

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Former NCUA Chairman Rodney Hood took to Twitter to accuse former Board Member J. Mark McWatters of exorbitant spending on office furniture that is now being sold at a government auction. McWatters said that Hood's comments give an inaccurate reflection of the situation and that he has no idea why Hood is bringing up the issue now. McWatters left the NCUA Board in November.

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The Normal Operating Level of the Share Insurance Fund, set by the agency before the pandemic, is 1.38%. The ratio currently sits at 1.26% and at 1.20% the NCUA will be required to develop a restoration plan that will involve additional premiums on credit unions. CUNA, NAFCU and NASCUS all oppose a premium now, arguing that the ratio is higher because of economic stimulus payments to members and that charging additional premiums of credit unions during an economic downturn is not a good plan.

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At the February National Credit Union Administration meeting it was reported that the equity ratio dropped to 1.26%. The board did not immediately impose a premium, but Chairman Todd Harper noted that it may eventually be required. A restoration plan is legally required if the equity ratio dips below 1.2%. Other issues were also reported and discussed at the meeting.

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The second iteration of the Small Business Administration’s Paycheck Protection Program is operating much more efficiently than the first version, credit union trade groups said, but added that they continue to run into persistent problems that hamper lenders and borrowers.

Under current NCUA rules, negative balances need to be resolved in 45 days. In December, the board approved a proposed rule that allows credit unions to establish their own specific time limits to resolve negative balances. Credit unions argue this is good for credit unions and their members but consumer advocacy groups and NCUA Chairman Todd Harper are not convinced.


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The National Credit Union Administration's Inspector General issued a report that says the NCUA's Consumer Assistance Center focuses on consumer complaint resolution, not on whether or not those complaints indicate a violation of consumer protection laws. Since the NCUA instructs examiners not to reinvestigate complaints, violations of consumer protection laws may not be identified during exams. The IG report indicates better coordination is needed.


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