House passes Phase 3 coronavirus relief

Following Senate passage earlier this week, the House today passed the Phase 3 coronavirus relief package – the CARES Act – which includes several provisions for which NAFCU had advocated. The president is expected to sign it.

NAFCU aggressively lobbied Capitol Hill throughout negotiations on the bill to ensure credit unions have the relief they need to serve members and communities as the coronavirus introduces challenges.

The final legislation includes several wins for credit unions, including:

  • flexibility for the NCUA in dealing with troubled debt restructurings (TDRs);
  • an adjustment to the definition of eligible institutions to ensure credit unions are eligible for new Small Business Administration (SBA) programs;

 

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