Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
6/24/2020

Good Morning!

 

I hope all you dads out there enjoyed a relaxing Father’s Day over the weekend! And, it’s now officially summer, so bring on the warm weather! It’s a good time to inject some more positivity into our lives. These days, it doesn’t seem like many media outlets are sharing much positive news, but it does exist!

 

This positive news I’m referring to is our collapsing coronavirus death total in this country. Over the weekend, according to the reputable and independent team at Worldometers.info, coronavirus daily deaths had declined roughly 90% from our April 21st record high. And while these numbers are based on just a couple days’ data, the seven-day moving average still reflects a 70+ percent reduction in daily death rates. This is some important news I wanted to share, as we continue to read stories of additional coronavirus spikes occurring in certain areas of the country. I believe we are making considerable progress, but we still have a long road ahead.

 

Credit unions continue helping our members and communities recover from the economic crisis following COVID-19. Credit unions are our nation’s financial first responders and are fully committed to supporting the people who need help the most. It’s important that we all continue to take the needed steps to recovery together. With this in mind, credit unions can help local economies recover with the support of Congress on these important priorities.

 

  • Provide liability protection
  • Appropriate funds to the Community Development Financial Institutions Fund
  • Add Community Development Revolving Loan Fund (CDRLF) appropriations
  • Extend Central Liquidity Facility (CLF) expansion
  • Extend Troubled Debt Restructuring (TDR)
  • Provide Member Business Lending (MBL) flexibility
  • Ensure and clarify federally chartered credit unions should not be excluded from the paid leave tax credit
  • Allow remote notary and remove face-to-face requirement
  • Enact Community Capital Improvement Program
  • Main Street Lending Facility implementation
  • Establish Housing Assistance Fund
  • Maintain Federal Home Loan Bank liquidity
  • Implement changes to Paycheck Protection Program

Click here to access the full list, which was distributed to Congress, including additional details on the priorities listed above. There continues to be questions as to when we could see legislation that could address many of these priorities. White House officials have indicated their intent is to wait until at least the beginning of July before considering additional relief measures. Also, the Senate is scheduled to be on a two-week recess until July 20th. Negations are ongoing, but we are not expecting much movement until the Senate reconvenes in July.

 

Have a great week, stay well, and don’t hesitate to contact me with any questions.

 

 

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