Leagues Urge Legislators on Behalf of CUs and Members

in News Center
Congressional dome building in Washington, D.C.

The California and Nevada Credit Union Leagues are monitoring the current Coronavirus pandemic around the clock as many questions are still unanswered.

 

The Credit Union National Association (CUNA) sent two letters to Congress after consulting with credit unions, state leagues, and advocacy professionals across the nation.

These letters reflect credit unions’ concerns, some of which are currently being addressed:

  • Letter to House Financial Services Committee Chairwoman Maxine Waters.
  • Letter to Banking, Housing and Urban Affairs Committee Chairman Mike Crapo and Ranking Member Sherrod Brown.

Additional concerns not listed above are also being discussed, such as long-term capital needs.

California and Nevada Update
The Leagues have also requested a temporary forbearance from enforcement under the California Consumer Privacy Act in a letter to California Attorney General Xavier Becerra.

Additionally, California Gov. Gavin Newsom has issued an executive order that enhances state and local government’s ability to respond to the pandemic.

In Nevada, Gov. Steve Sisolak has waived the work search requirement and wait period for unemployment insurance benefits.

Fiscal Stimulus to Households
The Leagues have confirmed that both the Treasury Department and Bureau of Fiscal Service oppose paper checks being distributed to consumers under the fiscal stimulus plan being considered by Congress and the president.

Some credit unions were concerned they would not have enough cash on hand to meet a surge in members immediately cashing-out these checks. The Leagues will continue to monitor this situation as the conversation turns to electronic distribution.

The Leagues are Here for Your CU
Since rumors are spreading daily on social media and elsewhere about local consumers’ fearful reactions, the Leagues are asking credit union leaders and employees to not overreact to “news” that has not been fully confirmed or is not true.

We are working to keep you updated so you can manage your credit union and communicate with your members.

Questions? Email our response team at COVID19@ccul.org. The Leagues are here for you as you continue serving your members during these trying times.

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