Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
3/25/2020

Good Morning!

I hope everyone is healthy and practicing safe “anti-social distancing” as we continue to navigate through these unprecedented times. In addition to running your credit unions to make sure your members have the much needed access to financial services, I know many of you are parents, and now educators, spending extra hours after work home schooling your children. I commend all of you for your hard work and dedication to not only your members, but also the communities in which you serve and live.

First, I want to share with you a 15-minute video from CUNA’s Chief Advocacy Officer, Ryan Donovan, outlining COVID-19 policy implications and priorities for credit unions which you can view here. Ryan also highlights several steps that CUNA, the Leagues, and AACUL have taken so far and the lay of the land going forward. As you know, the situation in Congress is very fluid, and while negotiations are still underway, the next round of stimulus appears to be nearing the finish line. Please remember, we are here for you.

Congressional Stimulus Update.

As I headed to bed last night, Congress was still in a deadlock regarding the details and demands surrounding the next wave of stimulus. However, it has been reported that Senate leaders were able to reach an agreement, along with the White House, on a huge $2 trillion coronavirus relief package. The bipartisan breakthrough agreement was struck around midnight, with the exact details still unknown as we also await Speaker Pelosi’s next steps in the House. Currently, the package is believed to include direct payments to most Americans, expanded unemployment benefits, payroll support for small businesses, in addition to some relief targeted directed at credit unions and other financial institutions.

Senate Majority Leader, Mitch McConnell (R-KY), indicated that he hoped to start circulating the bill this morning prior to the Senate convening at noon. Leader McConnell has not set a time for the vote, but by rule the vote to begin debate on the coronavirus package should happen around 12:00 p.m. CT today. Final approval may not occur until late tonight or even tomorrow.

Along with CUNA, we have been in constant contact with our congressional leaders to help ensure some additional relief specific to credit unions and financial institutions is included in the legislation. Once Congress votes to approve the package and the final details are made available, we plan to provide you with a briefing as to what is in the final bill and how it impacts our credit unions.

If you have questions, concerns, or feedback regarding these or any other advocacy issues, please do not hesitate to contact me. Also, be sure to keep an eye on our COVID-19 Resource Center as we continue to add new resources. Have a great week and stay well!

 

 

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