NAFCU Journal July August 2021

6 To further support credit unions’ small business lending, our advocacy secured the introduction of bipartisan legislation in both the House and Senate to exclude pandemic recovery small business loans from the member business lending (MBL) cap. The association’s efforts also rallied support from more than 60 members of Congress for this MBL relief to be included in coronavirus relief packages. In addition, NAFCU President and CEO Dan Berger signed a two-year Memorandum of Understanding (MOU) with Export-Import Bank (EXIM) President and Chairman Kimberly Reed aimed at increasing credit union awareness of export financing opportunities offered by the agency and credit unions’ participation in them. Reed also touted the agency’s work with the credit union industry during a hearing before the Senate Banking Committee. FLEXIBILITY TO SUPPORT MEMBERS Credit unions have a history of stepping up to support members during financial hardships, and economic crisis brought on by the pandemic was no different. We consistently shared how credit unions were voluntarily helping members – through skip- a-pay programs, waived fees, low- or no-interest loans, loan modifications, and no interest accruals – to secure congressional and regulatory support of additional relief and flexibilities. Saw the NCUA and CFPB grant flexibility and relief for examinations and reporting requirements, and the agencies initiated efforts to improve examination coordination Secured the Federal Reserve lifting its six-per-month transfer limit on consumers’ savings accounts under Regulation D Saw lawmakers and regulators seek relief for credit unions under the Financial Accounting Services Board’s (FASB) current expected credit loss (CECL) standard to prevent access to credit from being hindered during the pandemic or recovery Obtained a four-month limit from the Federal Housing Finance Agency (FHFA) on the number of principal and interest payments credit unions must cover on behalf of their borrowers in forbearance for government-backed mortgage loans Continued to raise awareness and build support for Federal Credit Union Act reforms needed to allow all credit unions to add underserved areas to their fields of membership Attained troubled debt restructuring flexibility via legislative provisions. NAFCU’S EFFORTS: