Association Urges Congress to Include Credit Unions in Federal Stimulus Package

The MD|DC Credit Union Association strongly advocates for credit union provisions as the third phase of a federal stimulus is considered.

Capitol DOme 280 x 220Letters sent to U.S. Senators Chris Van Hollen and Ben Cardin over the weekend, urged them to include federally insured credit unions in provisions granting the option to temporarily delay implementation of Current Expected Credit Losses (CECL), as well as allowing corporate credit unions enhanced access to the Central Liquidity Facility. Credit unions were added to  these provisions Sunday after a big push from the Leagues and CUNA. In the letter, MD|DC Credit Union Association President/CEO John Bratsakis urged Congress to continue to consider credit unions while they work on the third phase of federal stimulus:

“As a general matter, please keep in mind that Credit unions are the first financial responders for consumers and small businesses across the country. We face the same type of pressures small banks face in this crisis and have the same type of capabilities that small banks have to help address the crisis. Therefore, it is critical that all accommodations and authorities conveyed to small banks also be conveyed to credit unions.”

You can view the letter here.

Congress Sunday night failed to reach agreement on the massive stimulus package. The Association will continue to provide updates as the legislative process moves forward.