Newsroom
NAFCU outlines CU relief measures as Senate committee tackles coronavirus response
Ahead of today's Senate Banking Committee hearing to discuss the response to the coronavirus pandemic and relief needed to recover from ongoing circumstances, NAFCU's Brad Thaler highlighted tools and flexibilities that will allow credit unions to continue to support their members and communities.
“Credit unions have voluntarily implemented programs to protect their members’ financial health, including skipping payments without penalty, waiving fees, low or no-interest loans, loan modifications and no interest accruals,” wrote Thaler, NAFCU's vice president of legislative affairs. “The relief provided by Congress thus far has been helpful in these efforts; however, more must be done to ensure credit unions have the necessary tools to continue to support their members through this crisis.”
In the letter, Thaler highlighted several ways in which the credit union industry has stepped up to help its members impacted by the pandemic and outlined measures to be included in the next coronavirus relief package to support these efforts, including related to:
- flexibility under the Federal Credit Union (FCU) Act to allow credit unions to add underserved areas to their field of membership;
- relief under the member business lending (MBL) cap;
- additional assistance provided to state housing finance agencies to help individuals impacted by the pandemic make home-related payments;
- capital flexibility similar to what banks were provided in the CARES Act;
- additional investment authorities for federal credit unions;
- extending credit unions' loan maturity limits under the FCU Act;
- modernizing the E-SIGN Act; and
- protecting credit unions with liability protections.
Thaler also called for some previous relief provisions to be extended or made permanent, including expanded access to the NCUA's Central Liquidity Facility (CLF), relief from the current expected credit loss (CECL) standard, and changes to Small Business Administration (SBA) loan programs to improve access, and cautioned against some efforts that could hinder credit unions' abilities to serve their members.
Read Thaler's full letter here. The hearing will be available via livestream and is scheduled to begin at 11 a.m. Eastern.
NAFCU will continue to work closely with the Biden administration, Congress, and regulators to seek tools that allow credit unions and their members to recover from the pandemic and thrive.
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
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
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.