House Majority Leader Steny Hoyer Calls Credit Unions “Vital Resource”

Congressman Hoyer provided a federal update to credit union leaders during a webinar hosted by the MD|DC Credit Union Association on Thursday.

Hoyer zoomSaying “Credit unions are a vital resource for small businesses and consumers,” Hoyer recognized credit unions for delivering financial relief to consumers experiencing hardship due to COVID-19. Credit Unions in the region provided over $1 billion in loan relief to more than 42,000 consumers in the first two months of the pandemic according to the results of an MD|DC Credit Union Association survey.

Association CEO John Bratsakis thanked Congressman Hoyer and Senator Cardin for advancing legislation that earmarked $10 billion of the Paycheck Protection Program (PPP) Round 2 funding for Community Development Financial Institutions (CDFIs) which were largely shutout of the first round of funding. Hoyer said CDFIs are important because they support the small businesses that are, “a critical component to every community in America.”

Hoyer said the PPP program, which was due to expire, has been extended by Congress to August 8. The House passed legislation that would further extend the program to the end of 2020 however, the HEROES Act is unlikely to pass the Senate.

Hoyer told credit unions to expect the FY 2021 National Defense Authorization Act (NDAA) to be considered on the House floor the third week in July. The provision of the NDAA that would allow banks access to rent-free space on military bases was opposed by credit unions and is not in the bill approved by the House Armed Service Committee late Wednesday night.

You can view the webinar here which also includes guidance from John Bredehoft, attorney with Kaufman & Canoles, on “Navigating the New Normal.” Bredehoft provided guidance on key issues facing employers in the new work environment, including:
• How to maintain a safe workplace
• What to do if an employee doesn't want to return to the office
Complying with ADA and FMLA
• Preparing for a second wave of COVID-19