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Hood to testify before Senate Banking Committee next week
The Senate Banking Committee is holding a hearing next week with NCUA Chairman Rodney Hood slated to testify. The hearing will focus on regulators' efforts to provide financial institutions with relief and resources amid the coronavirus pandemic.
A livestream of the virtual hearing will be available on the committee's website. In addition to Hood, representatives from the Federal Reserve, Office of the Comptroller of the Currency, and FDIC will testify. The hearing is set to begin at 10 a.m. Eastern Tuesday.
Throughout the pandemic, NAFCU has worked closely with the NCUA, Congress, administration and other agencies to ensure credit unions' concerns are addressed and the industry is fully equipped to meet members' needs. The NCUA has taken several steps to address credit unions' concerns; access all its coronavirus-related guidance here.
Of note, NAFCU has consistently sought:
- guidance and resources for the Small Business Administration's paycheck protection program (PPP) to ensure credit unions can lend effectively and have access to funds to lend to small businesses in their communities;
- an elimination of or increase to the member business lending (MBL) cap;
- additional capital flexibility and parity with banks as it relates to liquidity requirements and easing leverage;
- additional exam flexibility so credit unions can focus on helping members during the pandemic;
- relief from the current expected credit loss (CECL), from which Hood last week requested the Financial Accounting Standards Board exempt credit unions;
- easier access to the NCUA's Central Liquidity Facility; and
- additional funding for the Community Development Financial Institution (CDFI) Fund and Community Development Revolving Loan Fund (CDRLF).
NAFCU has recently spoken with Hood and NCUA Board Members Todd Harper and J. Mark McWatters to discuss these requests and the NCUA's ongoing efforts. Hood and Harper recently letters to Senate Banking Committee Chairman Mike Crapo, R-Idaho, outlining legislative opportunities to provide credit unions with relief.
NAFCU is also active on Capitol Hill, with its advocacy securing several credit union wins in coronavirus relief packages passed so far. The association remains engaged as lawmakers begin to hash out details of the next coronavirus relief package and has shared areas credit unions would like additional relief.
As the industry's Washington Watchdog, NAFCU will maintain its strong advocacy and keep credit unions informed of developments. Access all the association's coronavirus resources – covering Congress, regulators, and more – here.