NAFCU, Treasury discuss CU concerns

by NAFCU Newsroom

Members of NAFCU’s Regulatory Affairs Team Monday discussed with the Treasury Department credit union concerns regarding a number of issues, including the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), capital relief, and forbearances.

During the discussion, NAFCU shared credit unions’ experiences with the PPP, which reopened Monday morning with $320 billion in additional funds available for lending. In a win for credit unions, $30 billion of the new funding is set aside for small lenders with less than $10 billion in assets, and another $30 billion set aside for lenders with assets between $10 billion and $50 billion.

NAFCU has been leading the way to ensure credit unions have all the resources needed to effectively participate in the program, aggressively lobbying Congress throughout negotiations and requesting that a portion of additional funds be set aside for credit unions to be able to meet their members’ needs.

Last week, the association asked the SBA to provide more guidance related to loan forgiveness provisions of the program to clarify when credit unions can begin accepting applications for forgiveness.

 

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