ARLINGTON, Va.–That House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin remain in negotiations over a new stimulus package is no secret; what remains unknown is exactly what such a package might contain, with various Washington reports suggesting a range of options.
NAFCU EVP/General Counsel Carrie Hunt said that trade association’s reading of how those ongoing discussions are playing out indicates the proposals are relatively neutral around credit union priorities, such as simplified Paycheck Protection Program loan forgiveness.
“But we’re just as concerned around areas of potential negative impact, such as interchange (changes) and mandatory forbearances. We continue to push our message, but it’s definitely a unique time from a negotiations perspective.”
Speaking of forbearances, CUToday.info’s coverage six months ago was dominated by considerable uncertainty over what the delay in required loan payments would mean to both credit unions and members.
Today, said Hunt, there remain some concerns around back-end operational issues, but initial worries over a flood of forbearance requests has not panned out.
E Signatures
Another issue that has evolved quickly during the pandemic has been e-signatures. Once viewed as an alternative to the mainstream, e-signatures now are the mainstream, and NAFCU and other groups have advocated for new e-signature legislation.
“Whether or not there will be a sea change in e signatures, I do think this will ultimately be successful in the next Congress,” said Hunt. “It has bipartisan support. The reality has changed.”
Changes for NAFCU as Employer
Finally, when asked about NAFCU itself and how the pandemic and work-from-home orders have changed the organization, Hunt said, “NAFCU had an up-to-two days per week telework policy prior to the pandemic, so a lot of staff were already doing that. I have found as a manager you have to make sure people are taking appropriate time off and vacations, even though vacations are not that easy to take right now. The flip side it is has been great. A lot of lessons have been learned and it’s given us lot of things to think about.”