CUNA supports Rep. Sherman’s call on the Fed for Reg D relief
WASHINGTON, DC (April 9, 2020) — Today, Congressman Brad Sherman sent a letter to the Federal Reserve System seeking the temporary relief from Regulation D transfer limits. CUNA President/CEO Jim Nussle issued the following statement in response to Rep. Sherman’s letter:
“Ensuring that Americans have rapid, ready access to their finances is paramount to mitigating the widespread economic effects of the COVID-19 pandemic. By temporarily waiving or raising the Regulation D limit on savings transfers, the Federal Reserve Board will help credit unions and other financial institutions in their quest to meet consumers’ needs while aiding in social distancing and shelter-in-place orders across the country. We thank Rep. Sherman for his efforts to support consumers’ financial access and his support for the financial first responders serving families throughout this crisis.”
CUNA called for the removal of the limit in a March 18 letter, saying that it would allow easier access to funds during the coronavirus disease (COVID-19) pandemic. The trade association advocating on behalf of America’s credit union members pushed further for the Fed to remove the monthly account transfer limit under Regulation D in another letter sent on March 30.
In addition, Rep. Sherman issued the following statement on this matter:
“During the current crisis, it is imperative that people maintain social distancing and personal quarantines by minimizing trips out of the house. That is why I have encouraged the Federal Reserve to temporarily raise the monthly limit on certain electronic transfers out of consumer savings and other accounts. Rules that result in people needing to leave their homes to physically go to ATMs and branch locations should by appropriately tailored until this emergency has ended.”
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.