Week ahead: What will coronavirus relief look like for credit unions?

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Though the House and the Senate are not in session this week, deliberations on additional coronavirus aid continue.

President Donald Trump signed a series of executive actions on Saturday that's intended to expand COVID-19 relief, but that aid may not arrive quickly if Trump’s actions are deemed unconstitutional. Democratic leaders criticized the executive actions, signalling a need for Congress to renew conversations around coronavirus-related aid.

Chief among credit union interests are extending provisions set to expire at the end of the year. That includes extending changes to the Central Liquidity Facility into 2021. Trade groups are also pushing to temporarily raise the member business lending cap and increase funding for community development financial institution programs. Last week a bill was introduced in the Senate that would add a $2 billion fund for CDFIs meant to be tapped during emergencies.

However, negotiations remain very much in flux, according to Eli Joseph, deputy chief advocacy officer of the Credit Union National Association.

Credit union trade groups continue to monitor the 2021 National Defense Authorization Act since a provision remains in the Senate’s version of the bill that would allow banks access to the same no-cost land leases that credit unions currently enjoy. Credit unions are opposed to that change.

Kyle Hauptman's nomination to the National Credit Union Administration's board is now being included in the Senate’s executive calendar. That means that the chamber could move to vote on his nomination in the near future. Though Hauptman had to defend his credentials during his confirmation hearing, the Senate Banking Committee advanced his nomination last Wednesday.

More primary elections continue this week as three states — Minnesota, Vermont and Wisconsin — host their primaries on Tuesday. Georgia will also hold a primary runoff to decide who will be present on the ballot in November in various races, including for the House, county offices and superior court seats. The runoff is being held since no candidate garnered more than 50% of the vote during the state's June primary in some of the races.

CUNA’s political action committee, the Credit Union Legislative Action Council, is supporting 14 candidates across these states.

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Law and regulation Coronavirus Regulatory relief Donald Trump CUNA NAFCU Election 2020 Elections MBL Lobbying
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