WASHINGTON–This was supposed to be the last week in session for both the House and Senate before November’s elections, but a number of issues are complicating plans.
Separately, NAFCU has also offered a forecast for what the new member of the Supreme Court could mean for credit unions.
For both houses of Congress, a coronavirus relief package is back on the agenda, with House Speaker Nancy Pelosi saying she has been in discussions with the Treasury Department related to what would be known as Phase IV stimulus.
CUNA’s chief advocacy officer, Ryan Donovan, noted Pelosi has instructed members of the House to be prepared to return to Washington on short notice for a vote on such legislation.
For the Senate, it will be called back to Washington for a vote on the nomination of Amy Coney Barrett to the Supreme Court. The Senate would also need to vote on any stimulus package the House might pass, and it must also vote on a continuing resolution to keep the federal government funded.
Donovan said CUNA’s priorities in any coronavirus-related legislation remain extending CARES Act provisions, PPP loan forgiveness flexibility, some technical correction as part of the CARES Act and Families First Act of FCUs related to payroll tax credits, liability protections for PPP lenders, and funding for state and local governments.
NAFCU on What CUs Want
In terms of what it has been hearing from its member credit unions on the priorities in any stimulus legislation, Carrie Hunt, EVP/general counsel with NAFCU, said getting questions related to the PPP loan forgiveness has been frequently raised, and the longer the coronavirus restrictions remain in place the bigger the issue of loan forbearances becomes.
NAFCU continues to oppose mandatory placement of forbearances, Hunt said, pointing out that forbearances that result in a balloon payment upon expiration are very often not in the best interests of members.