PPP loan forgiveness needs your help

Action alert! PPP loan program forgiveness

A lot of your credit unions have been instrumental in helping businesses stay afloat over the last few months. I’ve shared before that credit unions have facilitated an average loan size of under $50,000 – critical funds for the local businesses that help our communities thrive.

With all these loans issued and an end to the economic crisis nowhere in sight, our next challenge is forgiveness for loans under $150,000. The House and Senate each have forgiveness bills that we fully support. Now it’s a matter of getting this critical provision in the next stimulus package. Earlier this week, the Senate unveiled the HEALS Act that includes a forgiveness provision. The House previously passed its own stimulus bill – the HEROES Act.

As the two chambers work out a final bill, we’re calling on credit unions to TAKE ACTION and tell your lawmakers to support PPP loan forgiveness.  Take action now

More from 360-degree advocacy

The CUNA/League system continues to press policymakers ahead of August recess. This is a critical period given the limited legislating days as we get closer to the 2020 election. Some key recent developments:

• House passes minibus appropriations: The House passed an appropriations package that includes $17 million for the Cooperative Development Program, a CUNA-supported initiative that funds initiatives run by the World Council around the globe. We also wrote in support of another House appropriations bill under consideration that includes funding for Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).
• CFPB Director Kraninger testifies to House and Senate: We wrote to the Senate Banking Committee and House Financial Services Committee ahead of CFPB Director Kraninger’s semi-annual testimony, sharing the substantial efforts the CFPB has made to assist credit unions during the pandemic. But we also noted additional flexibility and compliance assistance is needed. 
• FinCEN SAR filing: We support Financial Crimes Enforcement Network (FinCEN) updates to the Paperwork Reduction Act (PRA) requirements for complying with the Bank Secrecy Act (BSA) regulation that requires financial institutions to file Suspicious Activity Reports (SARs) Adjustment to the PRA burden calculation.
• Concerns with OCC payments charter: We joined other trade groups sharing serious concerns with the Office of the Comptroller of the Currency on its proposed narrow-purpose payments charter, explaining how it could introduce serious risks into the financial services system.
• U.S. Coin Task Force raises concerns: CUNA is a member of the U.S. Coin Task Force, which this week highlighted disruptions in U.S. coin circulation as a result of COVID-19. We join task force members in encouraging Americans to use and deposit coins. 

NCUA Board votes on field of membership

Following the Supreme Court’s monumental ruling in favor of NCUA’s field of membership rule, the Board voted on a final rule in its July meeting. We stood together, along with CUNA Mutual Group and NAFCU, in support of NCUA throughout its legal battle over field of membership. NCUA also issued proposals regarding the transition to the current expected credit loss (CECL) methodology and on fees paid by federal credit unions.

What’s next for your business continuity plan?

Business continuity plans have gained new importance these last few months. Here are a couple resources for you as you rework your plan:

• Business Continuity Roundtable: The Business Continuity Management Cycle webinar - recorded – free member benefit recorded this week featuring a look at the business continuity management lifecycle and peer-led discussion for compliance and risk leadership. 
• Managing Business Continuity: Best Practices for Building, Implementing and Maturing Your Program – Aug. 7 – in this webinar, you can dive deeper into the essential components of an effective plan, including alert levels, plan structure, and supporting documentation.

Indiana Credit Union League recognized by WOCCU

The World Council of Credit Unions has awarded the Indiana Credit Union League with the 2020 Distinguished Service Award, recognizing the League’s incredible commitment to supporting credit unions that serve vulnerable populations. The League has welcomed credit union professionals to Indiana from Ecuador, The Netherlands, Dominica, Costa Rica, Brazil, The Dominican Republic and Guatemala for training, education and networking opportunities. 

Global Women’s Leadership Network virtual fundraiser a hole-in-one

The World Council’s Global Women’s Leadership Network (GWLN) pivoted its annual fundraiser to a virtual "Pay to NOT Play" golf festival and raised 200% of its fundraising goal! Over 100 attendees from more than a dozen countries participated in the festival's 19th Hole Happy Hour. At a time when we’re all pivoting events to virtual experiences it’s fantastic to see such an incredible success for a hugely important program.