ARLINGTON, Va.–The coronavirus pandemic and the resulting economic shutdown may have upended much of the congressional agenda this session, but both NAFCU and CUNA said there is plenty of work being done on a host of issues of importance to credit unions.
Congress remains out of session due to the coronavirus pandemic, and may not return until late April or early May, according to Ryan Donovan, CUNA’s chief advocacy officer.
The timetable will be affected by not just the status of the pandemic lockdown, but also by the need to return for new legislation or to address the so-called any issues related to the Phase III stimulus bill, the $2-trillion CARES Act.
“We’re also starting to hear a lot of discussion around what a Phase IV stimulus could look like,” said Donovan. “It’s starting to look like it could be more of a supplement to Phase III, rather than something completely different.”
Among the issues likely to be tackled by Congress are worries the $349 billion budgeted for the Paycheck Protection Program will be inadequate and will quickly be loaned out.
“One of the takeaways from the recent comments by Speaker (Nancy) Pelosi and the president should provide some comfort that if funds are exhausted, supplemental appropriations will be made,” said Donovan.
Overall, Donovan continues to listen to its members to “understand where public policy may be providing some friction between credit unions and their members so we can focus our efforts in the next wave of legislation.”
NAFCU and the DC Agenda
Similarly, NAFCU EVP and General Counsel Carrie Hunt noted that the association continues have in place a process for what it focuses on. It uses feedback from its members, its regulatory and legislative committee, as well as its board to map its way forward, she said.
Like Donovan, Hunt pointed to potential Phase IV legislation that’s being discussed, perhaps seeing attention as soon as this month.
In addition, Hunt said NAFCU is also focused on member business loan relief, solving technical issues related to the CARES Act, capital requirements relief, getting additional relief around CECL, and responding to retailers that are pushing Congress for changes in interchange rates.