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Senate clears House-passed emergency coronavirus funding, continues work on additional measures
The Senate Wednesday passed an emergency funding package for coronavirus relief measures, including paid sick leave, free testing, food assistance, unemployment insurance, and more. The $100 billion House-passed bill, also referred to as "Phase 2" of Congress' response to the coronavirus pandemic, has been signed by the president.
The Senate is also continuing to work on "Phase 3" of relief measures, as part of a package currently estimated at over $1 trillion once finalized, in efforts to provide support for small businesses, industries hit hardest by the virus, and individuals and families. This includes possible direct payments to consumers.
Senate Majority Leader Mitch McConnell, R-Ky., has indicated that the Senate will remain in session as long as needed to address relief measures. Members of the House are expected to return to session next week, if not before, in efforts to finalize them.
Members of NAFCU's award-winning advocacy team have kept in close contact with lawmakers, the CFPB, and the NCUA in efforts to obtain relief and guidance for credit unions.
Earlier this week, NCUA Chairman Rodney Hood called NAFCU President and CEO Dan Berger to discuss NCUA’s efforts related to the coronavirus. NAFCU has also asked President Donald Trump, National Economic Council Director Larry Kudlow and Congress to consider additional ways to provide credit unions with relief to better serve members.
Additionally, Senate Banking Committee Member Sherrod Brown, D-Ohio, Tuesday, urged regulators – including the NCUA and CFPB, the Department of Housing and Urban Development, and the Federal Housing Finance Agency – to suspend new and pending rulemakings not related to the coronavirus response or other imminent health and safety concerns as part of an effort to relieve burdens on financial institutions so they can focus on serving consumers at this time.
Brown also asked for an extension or suspension of comment periods on non-virus rules set to close after March 1.
Additionally, the Office of Management and Budget has requested nearly $48 billion in emergency funding, which would include funds to provide federal agencies with cybersecurity tools. Earlier this week, the Financial Crimes Enforcement Network outlined emerging trends in illicit behavior connected to the coronavirus.
Stay tuned to NAFCU Today for updates and access NAFCU's coronavirus resource page for more information. The association also has a free member-only webinar, available on-demand, detailing regulatory and legislative updates, and the current economic environment amid the coronavirus pandemic.