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NAFCU, PA CUs meet with Sen. Toomey
Senior members of NAFCU's award-winning advocacy team Tuesday were joined by a group of member credit unions from Pennsylvania for a teleconference meeting with Senate Banking Committee Member Pat Toomey, R-Pa. While Toomey has announced that he will not be seeking re-election in 2022, it has been reported that he is likely to be named the next chair of the committee should Republicans keep control of the chamber for the 117th congressional session.
NAFCU President and CEO Dan Berger, Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Legislative Affairs Brad Thaler and Associate Director of Legislative Affairs Janelle Relfe attended the meeting with:
- Bret Krevolin, President and CEO, Utilities Employees Credit Union;
- John Lacca, President, Police and Fire Federal Credit Union;
- Donna LoStocco, President and CEO, First Commonwealth Federal Credit Union;
- Tim McLeod, President and CEO, Riverfront Federal Credit Union;
- George Nahodil, President and CEO, Members 1st Federal Credit Union; and
- George Rudolph, President and CEO, Pennsylvania State Employees Credit Union.
The group discussed a number of key credit union issues and opportunities to provide credit unions with much needed relief amid the ongoing coronavirus pandemic including:
The Paycheck Protection Program (PPP)
During the meeting, NAFCUY credit unions shared their experiences lending through the program.
NAFCU has actively sought automatic forgiveness of small dollar PPP loans for the benefit of both small businesses and credit unions that are recovering from the coronavirus pandemic and may have strained financial and human resources.
The association continues to work closely with the small business administration (SBA), Treasury Department, and Congress to make improvements to the PPP and secure guidance needed to ensure credit unions can lend effectively through the program.
Housing Finance Reform
NAFCU also shared its principles for housing finance reform to ensure credit unions' unfettered access to the secondary mortgage market. The association has testified before Congress on the issue and works closely with Federal Housing Finance Agency (FHFA) Director Mark Calabria on housing finance-related issues.
The association last week detailed its priorities for coronavirus relief in a letter to the FHFA. Initiatives include, providing relief for originating and servicing mortgages, adopting a strong but reasonable regulatory capital framework and reversing the adverse market refinance fees policy.
Member Business Lending
As credit unions while work to serve their members, NAFCU has advocated for relief from credit unions' member business lending (MBL) cap so they can provide more credit to small businesses impacted by the coronavirus pandemic.
Earlier this year, Rep. Brad Sherman, D-Calif., and Senator Ron Wyden, D-Ore., introduced legislation that would provide a one-year exemption from the MBL cap for loans made to small businesses as they recover from the national emergency.
In addition to the bills, 65 members of Congress called for the next coronavirus relief package to either remove or increase the MBL cap to ensure credit unions can lend to small businesses in need as a result of an advocacy push by NAFCU and credit unions.
NAFCU continuously works to share credit unions' concerns with the Senate Banking Committee and last week outlined six main priorities that would provide credit unions with relief ahead of NCUA Chairman Rodney Hood's appearance before the committee.