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.