WASHINGTON–CUNA on Tuesday sent letters to a number of policymaking organizations to raise concerns over several issues.
Letter to Treasury
CUNA, the American Association of Credit Union Leagues (AACUL) and state leagues have written to Treasury Secretary Mnuchin stating that challenges remain for credit unions to fully participate in the Paycheck Protection Program (PPP) and serve member businesses.
According to the letter, challenges with the program that are persisting include:
- Lack of support from the SBA
- Loan closing concerns,
- Clarification on the disbursement of loans
- Clarification on forms.
The full letter can be found here.
Letter to House Committee
Separately, as Congress and the administration discuss phase IV of a COVID-19 relief bill, CUNA has sent a letter to House Financial Services Committee Chairwoman Maxine Waters (D-CA) offering comment on several aspects of the proposed legislation.
According to CUNA, notable priorities for which the group is advocating include:
- Increased funding for the CDFI Fund
- Extension of the GSE QM Patch for the underserved
- 0% interest rate loans from the Fed to community financial institutions
- The loosening of prohibitions on overdraft and debt collection processes
For additional info, here is the letter.
Letter to FFHA
In another letter, CUNA has written to FHFA Director Mark Calabria seeking policy changes it said would help credit unions be more flexible in working with their members. Specifically, liquidity assistance, clear guidance and regulatory relief are among the things that CUNA believes will help credit unions assist mortgage borrowers. Details can be found in this letter.
Letter to FCC
CUNA also sent a letter to the in which it urged the agency to act more quickly on the petition for an expedited declaratory rule, clarification, or waiver, filed previously by CUNA and other trade associations. The petition asks the FCC to find that calls or texts relaying information related to financial relief efforts and other actions necessitated by the governments’ response to COVID-19 fall within the emergency purposes exception to the proscriptions of the Telephone Consumer Protection Act (“TCPA”) that bar autodialed calls to cell phones without prior consent.
DCUC Advocates for Bill
Separately, the Defense Credit Union Council (DCUC) is asking House leaders to support H.R. 6475, legislation that would amend the Small Business Act to expand eligibility for the Paycheck Protection Program, including credit unions.
“We are specifically interested in adding credit unions as a covered entity’ under financial businesses as defined in 13 CFR section 120.110(b). This would allow credit unions to borrow funds and pay their employees under the Paycheck Protection Program,” wrote DCUC President and CEO Anthony Hernandez.
“The Defense Credit Union Council and our diverse membership will continue to support Congressional efforts to assist our Nation’s veterans and their families during this present COVID-19 crisis. Yet, many of our smaller member credit unions are facing the same challenges in meeting payroll and keeping valued employees. This is especially important as our credit unions need their employees to continue operating in many communities; some minority, others low income, and all in need,” stated Hernandez.