Additional Actions Needed to Address Pandemic’s Economic Consequences

Additional Congressional action will be needed to address the economic consequences of the pandemic, CUNA wrote to the House Financial Services Committee Thursday. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell testified before the committee on pandemic relief programs.

Specifically, CUNA calls on Congress to:

• Provide temporary flexibility to NCUA to offer forbearance from Prompt Corrective Action requirements.
• Permanently extend the CARES Act Central Liquidity Facility (CLF) increased borrowing authority and other enhancements
• Exempt member business loans from the cap during and for one year after the national emergency
• Remove field of membership restrictions.