NAFCU outlines CU relief measures as Senate committee tackles coronavirus response

by NAFCU Newsroom

Ahead of today’s Senate Banking Committee hearing to discuss the response to the coronavirus pandemic and relief needed to recover from ongoing circumstances, NAFCU’s Brad Thaler highlighted tools and flexibilities that will allow credit unions to continue to support their members and communities.

“Credit unions have voluntarily implemented programs to protect their members’ financial health, including skipping payments without penalty, waiving fees, low or no-interest loans, loan modifications and no interest accruals,” wrote Thaler, NAFCU’s vice president of legislative affairs. “The relief provided by Congress thus far has been helpful in these efforts; however, more must be done to ensure credit unions have the necessary tools to continue to support their members through this crisis.”

In the letter, Thaler highlighted several ways in which the credit union industry has stepped up to help its members impacted by the pandemic and outlined measures to be included in the next coronavirus relief package to support these efforts, including related to:

  • flexibility under the Federal Credit Union (FCU) Act to allow credit unions to add underserved areas to their field of membership;

 

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