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The Senate could vote as early as today on a revised "skinny" version of their Phase 4 coronavirus relief package. While it does include NAFCU-sought provisions to help simplify the forgiveness process for paycheck protection program (PPP) loans and provide liability protections, NAFCU's Brad Thaler called for additional relief measures that would help credit unions better serve their members amid the crisis.

The revised "skinny" proposal was released Tuesday and includes language from the NAFCU-supported the Paycheck Protection Program Small Business Forgiveness Act (S. 4117), as well as additional funding for the PPP, liability protections for schools and businesses as they begin to reopen, and an increase in the weekly federal unemployment benefits through Dec. 27.

In a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., and members of the Senate, Thaler – NAFCU's vice president of legislative affairs – reiterated NAFCU's request for additional credit union priorities, including:

• proposals offered by Senate Banking Committee Chairman Mike Crapo, R-Idaho, to extend relief provided in the CARES Act related to the NCUA's Central Liquidity Facility (CLF) and troubled debt restructurings (TDRs);
• relief from the member business lending (MBL) cap to help credit unions serve more small businesses trying to recover from the pandemic;
• providing emergency funding for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF) to support credit unions' efforts to help their most at-risk members;
• modernization of the E-SIGN Act by including language from legislation already introduced in the Senate;
• extending the delay or exempting credit unions from the current expected credit loss (CECL) standard; and
• capital and prompt corrective action flexibility for the NCUA, similar to what was provided to community banks in the CARES Act.

NAFCU's advocacy team will continue to share with lawmakers the challenges facing credit unions and their members amid the coronavirus pandemic and fight for meaningful relief provisions.

Stay tuned to NAFCU Today for the latest updates on relief efforts.