May 06, 2020

NCUA's Harper sends lawmakers new letter for CU relief

harperIn a letter to Senate Banking Committee Chairman Mike Crapo R-Idaho, and Ranking Member Sherrod Brown, D-Ohio, NCUA Board Member Todd Harper has proposed several legislative opportunities to provide credit unions with relief during the coronavirus pandemic.

As credit unions work around the clock to assist members impacted by the pandemic and serve their communities, NAFCU is focused on ensuring they have the resources and tools needed to do so. The association will continue to work with the NCUA on efforts to provide much-needed relief.

In the letter, Harper asked the committee to consider a number of issues NAFCU has previously advocated for, including:

  • relief from the member business lending (MBL) cap;
  • allowing all federal credit union charter types to add underserved areas to their field of membership;
  • temporary changes and increased flexibilities to the NCUA's Central Liquidity Facility (CLF) under the CARES Act permanent or extending the provisions to December 31, 2021;
  • clarification on issues related to the distribution of economic impact payments; and
  • increased funding for the agency's Community Development Revolving Loan Funding (CDRLF) for emergency grants.

"These proposals will better equip the NCUA to both contain the pandemic’s economic impact on credit union members and the credit union system, and also protect consumers," wrote Harper. He also included requests to provide the NCUA with vendor authority.

NAFCU has remained in close contact with the NCUA during the coronavirus pandemic, and has recently spoken with Chairman Rodney Hood, and Board Members Harper and J. Mark McWatters. To see all NAFCU's coronavirus-related advocacy and resources so far, visit its dedicated coronavirus page.