Ahead of today’s Senate Banking Committee hearing to discuss the implementation of the American Rescue Plan and the coronavirus pandemic, NAFCU Vice President of Legislative Affairs Brad Thaler called on the committee to consider several tools to help credit unions serve their members as the nation works toward recovery from the crisis.
In the letter sent Wednesday, Thaler reiterated the association’s call for the extension or expansion of key provisions from past relief efforts, including the Small Business Administration’s (SBA) paycheck protection program and 7(a) loan program, parity in deposit insurance provisions, making permanent changes to increase access to the NCUA’s Central Liquidity Facility (CLF); and relief from the current expected credit loss (CECL) standard.
Thaler also outlined several measures that would assist credit unions as they continue to step up to help their communities amid the crisis, including:
- capital flexibility under the Federal Credit Union (FCU) Act similar to what banks were provided in the CARES Act;
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