Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
Get daily updates.
Subscribe to NAFCU today.