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NAFCU's Berger tells Congress how CUs are helping, outlines steps Congress can take
NAFCU President and CEO Dan Berger Friday provided an update on how the credit unions are working with their members and how Congress can help them in the midst of the coronavirus pandemic in a letter to House Financial Services Committee Chairwoman Maxine Waters, D-Calif., subcommittee leadership, and both chambers of Congress.
"A number of credit unions are instituting programs similar to those they provided during government shutdowns, such as skipping payments without penalty, waiving of fees, low or no-interest loans, loan modifications, no interest accruals, and more," wrote Berger. "They are also ensuring that their members have the tools they need, whether it is having cash available for them, or access to other forms of payment services."
Berger also addressed how policymakers could help credit unions better serve members and work to ensure the safety and soundness of financial institutions. Thaler suggested specific measures, including:
- member business lending cap relief;
- delaying the implementation of CECL and other capital relief efforts;
- allowing credit unions to help underserved populations;
- modernizing the Federal Credit Union act; and
- more.
In the letter, Berger also cautioned that "NAFCU cannot support measures that unnecessary threaten credit unions from receiving the income they need to operate and meet the needs of their members, such as an extension of interchange price caps, blanket loan forbearance for those unimpacted by the pandemic, and broad measures that could threaten the integrity of our nation’s credit reporting system."
Stay tuned to NAFCU Today for updates and access NAFCU's coronavirus resource page for more information. NAFCU will continue to work with stakeholders, including President Donald Trump, National Economic Council Director Larry Kudlow and Congress to obtain relief for the credit union industry and its more than 120 million members.