WASHINGTON—With the Senate continuing to debate another "skinny" version of its proposed Phase IV relief package, NAFCU called on legislators to include additional provisions in the package.
In a letter to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY), NAFCU Vice President of Legislative Affairs Brad Thaler called for these provisions in any final legislation:
- Provide relief from credit unions' member business lending (MBL) cap so they can provide more credit to small businesses impacted by the coronavirus pandemic
- Provide emergency funding for the Community Development Financial Institutions (CDFI) Fund and Community Development Revolving Loan Fund (CDRLF) to better serve underserved and lower-income communities
- Modernize the E-SIGN Act
- Extend several provisions included in the CARES Act related to the NCUA's Central Liquidity Facility, troubled debt restructurings, deposit insurance, the current expected credit loss (CECL) standard, and capital flexibility.
In addition, Thaler repeated the association's support for simplifying the PPP loan forgiveness process for loans under $150,000 and addressing the issue of economic injury disaster loan (EIDL) advances being deducted from a borrower's forgivable PPP amount.