The CUNA/League system has been at work advocating to ensure credit unions are included in the Congress’s phase III stimulus bill’s language to help buoy communities and CU members as they face fallout from the coronavirus pandemic.
Credit union provisions in the bill include language:
- Making credit unions eligible to participate in the paycheck protection program, which would allow for 100% federally guaranteed loans to small businesses that maintain their payroll.
- Reestablishing the Transaction Account Guarantee Program, in which the government guarantees certain noninterest-bearing transaction accounts.
- Including credit unions in troubled debt restructuring, allowing credit unions to further modify existing loans.
- Expanding NCUA’s Central Liquidity Facility, which serves as a liquidity lender to credit unions experiencing unusual or unexpected liquidity shortfalls.
- Including credit unions in a current expected credit loss (CECL) delay for those entities currently required to comply with CECL.
CUNA and Leagues will continue to advocate for our movement as lawmakers move on to phase IV or any other legislation in response to the COVID-19 crisis. To see details on CUNA’s advocacy efforts and credit union resources, click Resource Center.
CUNA President and CEO Jim Nussle will host a live credit union forum from his Twitter feed today at 12 p.m. CT. If you have questions, participate in the conversation.