Promoting and protecting credit union interests in Congress

Published by: Emily Leite

May 14, 2020 | Government Affairs

As your credit union continues to focus on providing financial relief for members impacted by the pandemic, the League is scanning the federal horizon for opportunities to promote and protect credit union interests. More recently, the U.S. House of Representatives introduced a large relief measure, or the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act, geared towards corrections, enhancements, and extensions to provisions in the CARES Act. The HEROES Act provisions empowering credit unions include increasing CDFI funding to $1 billion, legalizing banking services to cannabis-related businesses, and amending the Paycheck Protection Program to accommodate additional guidance and flexibilities. Some of the provisions inhibiting credit unions are required mortgage and foreclosure moratoriums, stimulus fund garnishment and offset prohibition, and bankruptcy protection modifications.

The League is closely monitoring the HEROES Act to further empower financial cooperatives without the application of a one-size-fits-all approach to federal and state recovery efforts. Please contact a member of the League’s government affairs team with any questions or concerns.

CONTACT US

E: eleite@ohiocul.org
T: (614) 923-9770
C: (614) 581-8460

E: cfleming@ohiocul.org
T: (614) 923-9705
C: (614) 395-0371

E: acanan@ohiocul.org
T: (614) 923-9710
C: (614) 512-0330

Other Movement News

Government Affairs

Advocacy on track at Churchill Downs

Ohioans and communities are best served when credit unions and regulators work together to cultivate a financial services industry that puts people first. That is why the Ohio Credit Union […]
Regulatory

League advocates for an updated CTR threshold

Constantly increasing regulatory pressures put a strain on a credit union’s resources and ability to focus on what matters most: serving members; thus, the League is always looking for opportunities […]
Member Benefits

Unlocking Strategic Insights with Peer Suite

Data-driven decision-making is paramount for credit unions striving to grow and better serve their members. Recognizing this need, the League offers Peer Suite as a powerful member benefit. This comprehensive […]