The National Credit Union Administration’s Chairman Rodney Hood and Board Member Todd Harper addressed participants at the National Association of Federally-Insured Credit Union’s virtual Congressional Caucus. Hood talked about his attempts to exempt credit unions from the Current Expected Credit Losses Standard and Harper discussed the NCUA’s approach to the pandemic.
The Senate Republican “skinny” economic stimulus bill failed to get the necessary votes to open debate on the bill. Since the bill failed, it is unclear whether Congress will enact any of the credit union priorities before leaving at the end of the month.
The Senate returns this week and the House will return next week. There is still much to be done and it is unlikely that Congress will get to everything related to credit unions before the election. Here is a summary of the decisions and legislation that remain.
With Congress seemingly stalled on its next economic stimulus measure, the Credit Union National Association and the National Association of Federally-Insured Credit Unions are pushing lawmakers to add things they want in the final bill and to drop things they do not like in the House and Senate measures.
The National Credit Union Administration board on Thursday approved a final Field of Membership rule that had been delayed as a result of a lawsuit filed by the American Bankers Association.
The board unanimously agreed to allow a credit union to file an application to designate a Combined Statistical Area, or a contiguous portion of it, as a well-defined local community. To qualify, that area would be required to have a population of under 2.5 million people.
The Senate Republican pandemic economic stimulus plan, a three-bill package released Monday, would simplify the loan forgiveness process for Paycheck Protection Program loans, but the measure so far contains few other priorities that credit union trade groups have been pushing.
From expanded member business lending to remote notary services, credit union trade groups on Tuesday sent congressional leaders their latest wish list for the next coronavirus pandemic economic stimulus legislation.
Since House and Senate leaders have indicated that the next bill to be enacted may be the last stimulus legislation for a while, the stakes are particularly high.
Credit unions that recently became members of the NCUA Central Liquidity Facility have substantially increased the facility’s borrowing capacity, National Credit Union Administration officials said Monday.
In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.
All 11 corporate credit unions have joined the NCUA Central Liquidity Facility, a move that will allow thousands of credit unions to apply for loans through the CLF, the NCUA announced Monday.
It will allow CLF coverage to be extended to more than 3,700 credit unions and increase the facility’s borrowing capacity by more than $13 billion, according to agency officials. All credit unions with assets of less than $250 million that are members of a corporate credit union are now eligible to apply for a loan from the CLF.