Contending that for-profit banks have no business getting free rent on military bases, three major credit union trade groups are asking leaders of the House Armed Services Committee to continue to give credit unions that benefit, while rejecting it for banks.
In what could be a blow to credit unions, the Senate Armed Services Committee on Wednesday approved a 2021 defense authorization bill that would require the Pentagon to provide equal treatment for banks and credit unions on military installations.
Credit union trade groups are asking the Trump Administration to automatically forgive the smallest loans made under the Paycheck Protection Program, although they disagree on the threshold for forgiveness.
The Paycheck Protection Program continues to be plagued by a lack of transparency and unclear rules, Democrats and credit unions said this week.
As the Senate Armed Services Committee begins to mark up the annual defense authorization bill, credit union trade groups are calling for lawmakers to retain a provision giving credit unions free rent benefits on military installations.
And they want legislators to retain language that makes it more difficult for banks to gain the same benefit—a position that a key banking group said is hypocritical.
The Independent Community Bankers of America has launched three grassroots campaigns in its battle against credit unions.
The Senate passed legislation Wednesday that would allow businesses to use a larger percentage of Paycheck Protection Program loans for non-payroll purposes.
The application for loan forgiveness in the Paycheck Protection Program is far too complex and could result in businesses using much-needed funds to hire attorneys and accountants to help them fill out the document, CUNA and state credit union leagues warned Friday.
The House defeated legislation Thursday that would have made public the names of lenders making large loans in the Paycheck Protection Program. The bill did not receive the two-thirds needed to pass the measure using an expedited process.
The Credit Union National Association has joined the chorus of business groups calling for temporary liability protection related to the coronavirus pandemic.