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Throughout the coronavirus pandemic, credit unions have demonstrated why more than 120 million Americans have chosen them to meet their financial goals. NAFCU is proud to serve the credit union industry as the only trade group focused on representing its interests at the federal level.

"We witness daily credit unions' commitment to the financial wellbeing of their members and communities, that includes those who are underserved or in designated minority communities," said NAFCU President and CEO Dan Berger. "Our industry was founded on the premise of supporting our neighbors, coworkers, friends and family through difficult financial times and credit unions have not strayed from that mission, especially as we face national economic crises or a global pandemic.

"NAFCU will continue to do what we've always done – advocate for the best interests of the credit union industry and ensure that Americans most in need of financial services have access to the best financial services available. Racism and injustice of any kind have no place in this nation or in financial services, and we will continue to advance diversity, equity, and inclusion (DEI) efforts across the industry."

The association is working closely with the NCUA and Congress on this issue. For instance, NAFCU is currently requesting additional support for Community Development Financial Institutions (CDFIs), minority depository institutions (MDIs), and the NCUA's Community Development Revolving Loan Fund (CDRLF) to ensure Americans and small businesses suffering most from the coronavirus pandemic are not left behind, and has defended the NCUA from banker attacks against its efforts to ensure military members have access to credit unions' financial services.

Amid the pandemic, credit unions across the country have stepped up to offer skip-a-pay programs, waived fees, low or no-interest loans, loan modifications, no interest accruals, and more to support members whose finances have been impacted by the pandemic. NAFCU shares how the industry is supporting members regularly with lawmakers, the administration, and regulatory agencies.

In addition to financial programs, credit unions are also volunteering and donating resources to their communities. A few examples include:

• CAP COM Federal Credit Union (Albany, N.Y.) donated $15,000 to St. Peter's Health Partners to purchase personal protective equipment (PPE) for frontline workers;
• Polish & Slavic Federal Credit Union (New York, N.Y.) provided food donations to doctors, nurses, hospital workers, and nursing home attendants;
• Valley Strong Credit Union (Kern County, Calif.) awarded $300,000 to local coronavirus relief funds to support not-for-profit organizations providing vulnerable communities with food, housing, living expenses, and transportation;
• Mission Federal Credit Union (San Diego, Calif.) raised more than $350,000 for the San Diego Food Bank; and
• Tinker Federal Credit Union delivered 1,000 homemade masks to The Children's Hospital at Oklahoma City.

To ensure credit unions are able to meet their members' needs effectively, the association is actively advocating for regulatory and legislative changes that will strengthen their operating environment, including by:

• providing relief from the member business lending (MBL) cap to ensure small businesses can access the capital they need to continue operating; and
• strengthening the paycheck protection program (PPP) by ensuring timely, clear guidance, providing more funds and set asides for CDFIs and MDIs, seeking automatic forgiveness for smaller loans and establishing a lender hold harmless provision;
• making changes to the NCUA's Central Liquidity Facility (CLF) permanent so credit unions can easily access the funds;
• allowing all credit unions to add underserved areas to their fields of membership;
• raising the maturity limit on certain credit union loans from its current 15-year limit.

The association's advocacy team will continue to work with Congress and federal regulators to advance important relief measures helpful to credit unions and their 120 million members.