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Hunt in new op-ed: NAFCU's relentless CU advocacy continues unimpeded
"The coronavirus pandemic is challenging our nation in ways we never could have imagined," said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt in a new op-ed published in Credit Union Journal. As credit unions stepped up for their members and communities amid the pandemic, NAFCU did the same by stepping up for the credit union industry.
"When the Small Business Administration’s Payment Protection Program rollout produced delays, glitches and website crashes, credit unions hunkered down and worked tirelessly to process their members’ applications and paperwork," wrote Hunt.
"After being left out of initial drafts, our lobbying efforts were able to secure credit union participation in the SBA’s PPP," noted Hunt. "NAFCU also sought policy changes on loan forbearance from the Federal Housing Finance Agency and a lifting of Regulation D’s six-per-month transfer limit from the Federal Reserve, among other essential reforms."
NAFCU's advocacy has not stopped despite these early policy wins, according to Hunt. As Congress considers additional coronavirus relief legislation, NAFCU is actively advocating for eliminating the member business lending cap and extending loan maturity limits for credit unions. NAFCU is also pushing for legislation allowing credit unions to add underserved and underbanked areas to their fields of membership.
"If there is one lesson – one major takeaway – it is that credit unions need the flexibility to serve and act quickly," Hunt said. "Policymakers must proactively legislate and amend regulations to grant credit unions greater regulatory relief to serve their members."