WASHINGTON–CUNA’s chief advocacy officer has sent an email to all 535 congressional offices that seeks to raise awareness over how credit unions are working to help those affected by COVID-19.
Ryan Donovan said as businesses across the country close to ensure consumer and employee safety, many Americans will be facing several weeks of pay disruption and infrastructure shakeup. In the email, Donovan seeks to assure policymakers that credit unions are on the frontlines of ensuring access to credit, providing financial security and assuring members that financial services will be available to them.
As CUToday.info reported earlier, CUNA has sent a letter to several senators that highlighted credit unions’ response to the crisis. The trade group said it also continues to engage with Congress, the administration and regulators, including NCUA and the Consumer Financial Protection Bureau.
“From Miami to Seattle, credit unions are extending low- and no-interest loans, offering fee-free loan deferrals, and finding other individualized solutions that help ensure those facing financial disruptions due to COVID-19 can keep the lights on, keep food on the table, and maintain a secure financial future once the country makes it through this emergency,” Donovan wrote. “At America's credit unions, we're proudly people helping people. We've been there through countless fires, hurricanes, tornadoes, and floods, through government shutdowns and the Great Recession. We're here for your constituents as they weather COVID-19, and we'll continue to be here for generations to come, because that's what it means to be people helping people.”
Delay in CECL
In addition, CUNA is also pressing for a delay in implementation of CECL. According to the trade group, President/CEO Jim Nussle contacted the Financial Accounting Standards Board (FASB) today, urging the delay.
“At this time, it is critical that credit unions be able to focus on serving their members, who are facing mounting financial pressures due to COVID-19,” Nussle wrote. “Therefore, we urge the FASB to begin the process to delay the effective date of the CECL standard as it applies to credit unions until at least January 2024.”
As CUToday.info reported earlier, CUNA also recommended that FASB suspend implementation of its CECL standard for at least one year in a letter to the White House on Monday.
Considering the current pandemic crisis, CUNA is advocating that credit unions be given additional time for compliance.
“While some credit unions are in the final stages of preparation, the vast majority are in the very early stages of gathering necessary data and beginning to make the numerous changes required under CECL,” Nussle added. “A one-year delay will help ensure our nation’s credit unions—the median of which is well under $50 million in assets—are prepared to comply.”
Other Actions
Separately, CUNA reported Nussle has also met with a number of people in response to the coronavirus outbreak. According to CUNA:
- Nussle spoke with NCUA Chairman Rodney Hood and Board Member Todd Harper to relay credit union feedback about the effects that the coronavirus (COVID-19) emergency is having on their employees and operations, their members and their communities. Nussle also shared preliminary information gleaned from the CUNA/AACUL survey.
- In a follow-up, Chairman Hood responded to Nussle, recognizing the needs of credit unions and expressed appreciation for the work that credit unions are doing for communities.
- In addition to these calls, CUNA said Nussle spoke with CFPB Director Kathy Kraninger, where he outlined several suggestions from CUNA and the leagues that would help ease the burdens on credit unions while allowing them additional flexibility to meet member needs that might arise amid the pandemic. He also underscored his March 12 letter laying out similar relief priorities.
Cancelled Events
CUNA reminded the following events have been cancelled:
- CUNA Consumer & Residential Mortgage Lending School (April 6-9)
- CUNA HR & Organizational Development Council Conference (April 19-22)
- CUNA Regulatory Compliance Certification School (Spring) (April 19-24)
- CUNA Financial Management School (April 20-23)
- CUNA Kansas City Small Credit Union Strategic Planning Workshop (April 21)
- CUNA Enterprise Risk Management Certification School (April 27-29)
- CUNA Lending Council Forum (April 29-30)
- CUNA Credit Union Board Certification School (May 4-8)
For additional info, visit cuna.org/Coronavirus-Disease-(COVID-19).