WASHINGTON—Congress must take legislative action to ensure credit unions remain in a position to serve their more than 120 million members, CUNA wrote to Senate Banking, Housing, and Urban Affairs Committee leadership.
CUNA sent its letter ahead of a committee hearing at which Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will testify today. Yellen and Powell testified before the Senate on Tuesday.
“We appreciate the swift response that Congress has undertaken to address the economic consequences of the pandemic. More needs to be done, and still more will need to be accomplished in the months and years ahead. As financial first responders, America’s credit unions stand willing and able to help consumers and small businesses during the crisis and into recovery,” CUNA’s letter states.
Additional Requests
CUNA called on Congress to:
- Provide temporary flexibility to NCUA to offer forbearance from Prompt Corrective Action requirements
- Exempt member business loans from the cap during and for one year after the national emergency
- Remove field of membership restrictions