More funding for SBA PPP Loans

Small business funding approved

This week, Congress approved additional funding for the SBA's PPP Loan program. Across our system, we advocated to get $60 billion of the $310 billion set aside for community lenders, including credit unions. CUNA and Leagues put pressure on Congressional leaders and so many of you participated in the action alert I shared last week. 

While $310 billion is a huge funding effort, we know it's not enough. There are thousands of businesses out there that need help and there are even more individual Americans that can't fathom how they'll pay their mortgage or rent next week. 

Credit unions are doing incredible work to support members in need. I'm amazed at the ever-growing list of efforts we're adding every day to Americascreditunions.org. I had a call with the Blue Dog Coalition of Democratic Congressmen this week where I shared what we're doing and what we need from lawmakers to do more. This is going to be a long, challenging road. Every piece of federal funding, every program, every service you can offer is making the journey better.

Fed eliminates Reg D limit

Following continued pressure from the CUNA/League system, the Federal Reserve announced it will eliminate the Regulation D transfer limit. This is a big victory at a crucial time for credit unions!

Pushing our priorities ahead of a phase 4 stimulus

This week, we urged the House Financial Services Committee to include policies in the phase 4 stimulus that will help get additional capital to small businesses and help credit unions access liquidity.

Retooled creditunionsvote.com responds to COVID-19

With delayed primaries and normal campaigning suspended, the 2020 campaign cycle is not like we expected. In response, we updated creditunionsvote.com to provide the latest primary information, absentee ballot options, and more. We also created a new Member Activation Program (MAP) campaign with templates on the updates you can share with your members.

CUNA/League partnership at full strength

I mentioned before that I've been participating in many League calls over the last couple weeks. Well, I'm not the only one! It's important to know that others at CUNA have been joining League-organized meetings to provide updates, answer questions, and learn from the Leagues. Meanwhile, Leagues continue to support CUNA in countless ways. Thank you to the following Leagues for inviting us to join you:

• Tennessee Credit Union League
• Mountain West Credit Union Association 
• Minnesota Credit Union Network
• Illinois Credit Union League
• Iowa Credit Union League
• Credit Union Association of the Dakotas
• Cornerstone Credit Union League
• Kentucky Credit Union League
• Association of Vermont Credit Unions 
• Northwest Credit Union Association
• Cooperative Credit Union Association
• Montana Credit Union Network 
• Nebraska Credit Union League
• Maryland & DC Credit Union Association

Compliance solution hits 250 active users

The Credit Union Compliance Management Solution and its enhanced version (CU CMS and CU CMS+) just hit 250 active users in just 60 days since it was made available nationally. The platform has quickly adjusted to support COVID-19 issues, and we continue to receive excellent feedback from users.

CUNA responds to NCUA branding campaign

We're concerned with reports that NCUA allotted significant funds to a branding campaign prior to COVID-19. While we're glad they have since suspended the project to focus on supporting credit unions through the COVID-19 crisis, we urge them to provide greater transparency in the future.

Fighting COVID-19 fraud

It's a sad fact that when people are vulnerable, they become prey for scammers. While it's scary, we have resources to help you and your members. Take a look at our new Fraud Brief: COVID-19 Trends webinar and Beyond the Virus: Scammers Want Your Money! article. These are free CUNA member benefits. 

Participate in COVID-19 Global Sprint Webinar

We're jointly hosting a COVID-19 sprint exercise with FS-ISAC and others on April 29 at 9am CT. It will cover cyber protection, planning for normalizing operations, and more. Register here to join!

Foundations playing a key role in our efforts

For credit unions, our service goes above and beyond financial products. We have rallied around service over the years to create lasting impacts through our foundations. Right now, these foundations are playing a key role in getting us through this crisis.

Here are a few examples of this great work:

• The National Credit Union Foundation continued its new "Together Tuesday" video series this week. Hear what inspires Maurice Smith, CEO of Local Government FCU & Civic Federal Credit Union in Raleigh, NC.
• The Iowa Credit Union Foundation's Emergency Relief Fund has raised over $690,000 to provide $500 grants to Iowa credit union members and additional grants for state-wide relief efforts.
• The Illinois Credit Union Foundation announced $160,000 in funds to deal with the COVID-19 crisis, including grants up to $2,000 for small credit unions to offset unexpected COVID-related expenses.
• The Carolinas Credit Union Foundation has activated its Disaster Relief Aid Program to support credit union employees in the Carolinas with COVID-19 relief grants.
• The Northwest Credit Union Foundation is partnering with Philanthropy Northwest to run a fast, zero-interest emergency loan program that will reach low-income and undocumented workers across the Northwest. 
• The Mountain West Credit Union Foundation has made $250,000 available from its general funds to assist COVID-19-affected communities in its three states.