ARLINGTON, Va.—Senate Banking Committee Chairman Mike Crapo (R-ID) told credit unions he is committed to providing them with the “flexibility” they need to continue to help members though the current economic crisis.
“The last time I spoke with you, the outlook was much different from what it is today. Unemployment was down, ROA was up, and small businesses were reporting record hiring,” said Crapo during NAFCU’s 2020 Virtual Congressional Caucus. “Our economy was the strongest it had ever been. The benefits of tax reform laws Congress passed were beginning to be felt. But no one could have foreseen the pandemic. It has challenged our sense of normalcy. This crisis has had a major impact on the economic health of our country.”
Crapo applauded the work of credit unions to help members with solutions to their financial problems, many of the delivered on an individual basis.
“Credit unions and other financial institutions played essential roles in delivering relief under the CARES Act,” stated Crapo.
A Pat on the Back for Washington
Crapo also patted Washington on the back for delivering a relief package “in weeks” following the onset of the health crisis and shutdown of the economy.
“Now we are discussing additional parameters for aid,” said Crapo. “Last week we were focused on a targeted plan to address more economic issues, but that vote failed. But we will continue to talk.”
Crapo said he continues to support provisions to streamline the forgiveness process for small businesses under the Paycheck Protection Program, and to make sure lenders are not accountable for any questionable actions from borrowers accessing PPP.
‘Your Efforts Essential’
Crapo added he is committed to providing financial institutions with the needed regulatory relief and flexibility to not only help consumers through the crisis but their own businesses as well. He cited the extension of CECL as an example of how Washington is working to reduce the burden on FIs today.
“Financial institutions entered this crisis from a position of strength and you have played a critical role in supporting businesses and consumers,” he said. “Your efforts are essential to restoring our economic strength.”