WASHINGTON–Numerous members of Congress, including Speaker of the House Nancy Pelosi (D-CA), recorded video messages for attendees of this year’s virtual CUNA GAC.
Here’s an overview of what they had to say, along with links to the videos:
- Speaker of the House Nancy Pelosi (D-CA) recognized the work that credit unions have done to meet the needs of American communities and to “safeguard countless families and small businesses from the growing toll of the dual crises.” Pelosi said Congress worked “relentlessly” to ensure small set-asides to prioritize community-based lenders such as credit unions were included in PPP funding. “In December, we extended provisions critical to helping credit unions meet your liquidity needs so you can continue to assist underserved businesses, retail customers, and our most vulnerable communities hit hardest by the pandemic,” she added.
- Sen. Sherrod Brown (D-OH) said that strong credit unions are needed now more than ever and that his committee “play a major role” in creating a recovered economy that highlights previously underserved populations, with help from local financial institutions like credit unions.
- Sen. Pat Toomey (R-PA) credited credit unions with responding quickly to get resources where they were needed the most at a moment of great emergency.
- Sen. Tina Smith (D-MN) called out her support of credit union governance modernization and was hopeful legislation gets passed this Congress.
- Rep. Steve Scalise (R-LA) said credit unions’ role serving their community have never been more important for small businesses and families. He also thanked credit unions for playing a vital role in getting PPP loans and other products and services to communities in need.
- Rep. Pete Aguilar (D-CA), a former credit union employee, says he knows firsthand the importance of what credit unions do every day, adding that credit unions are a “linchpin” of their communities, made even more necessary by the pandemic and resulting economic fallout.
- Rep. Andy Barr (R-KY) said the scope of relief provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and subsequent relief legislation would not have been possible without credit unions, as Congress “deputized” community-based lenders to get capital into Main Street communities and businesses where it was needed the most.
- Rep. Tom Emmer (R-MN), says credit union activities are more vital than ever before and highlights credit union lending, especially through the PPP, as the difference that saved thousands of businesses.
- Rep. Blaine Luetkemeyer (R-MO) says he remains committed to ensuring credit unions can continue issuing PPP loans and that he will continue working to ensure the current expected credit loss (CECL) standard will not apply to credit unions.
- Rep. Katie Porter (D-CA) says credit unions have stepped up to support members devastated by the pandemic through fee waivers, payment extensions, and other services. She says she supports tailored consumer protection regulations and the credit union tax status. She says she will introduce a bipartisan bill to update credit union board meeting requirements.
- Rep. Brad Sherman (D-CA), who introduced a member business lending relief bill earlier this week, said he continues to call on the Consumer Financial Protection Bureau to tailor regulations to account for credit unions’ unique nature.