NAFCU Journal July August 2021

NAFCU 2020 Annual Report 5 NAFCU’s commitment to securing regulatory relief and flexibility for credit unions became even more important in 2020 as the industry faced countless operational challenges stemming from the coronavirus pandemic. Our bold advocacy strategy secured several key wins throughout 2020 to ensure credit unions and their 124 million members’ needs were addressed amid the pandemic and beyond. BUSINESS LENDING Main Street businesses were among the hardest hit by the coronavirus pandemic. We ensured the paycheck protection program (PPP) included credit unions as lenders and secured set-aside funding to meet credit union members’ small business loan needs. As a result of our advocacy to secure credit unions’ ability to lend through the PPP, more than 700 credit unions provided roughly 68,000 PPP loans to small businesses in 2020, totaling more than $3 billion. ADVOCACY DEMONSTRATING THE NEED FOR RELIEF AND FLEXIBILITY B. Dan Berger NAFCU President and CEO Kimberly A. Reed EXIM President and Chairman