NCUA Chair Rodney Hood Appears Before Senate Banking Committee to Testify on Financial Relief

Hood tells committee more relief for credit union members is needed as COVID-19 response continues.

5/12/2020Rodney Hood

NCUA Chairman Rodney Hood appeared this morning before the Senate Banking Committee to highlight how credit unions have helped members so far in the face of COVID-19 and to stress that more relief is needed, as the pandemic continues to impact families and businesses across the nation. Lawmakers are currently working on another round of relief that would help businesses, healthcare works, families, and others impacted financially by COVID-19.

Hood was joined by other regulatory representatives from the Federal Reserve, the Office of the Comptroller of the Currency, and the FDIC in a virtual hearing. The full hearing’s video may be viewed online, and Hood’s testimony may be found here.

The Chairman provided committee members with a summary of the administration’s response to COVID-19, thanking them for increasing flexibility in borrowing authority during this difficult time, citing the Central Liquidity Fund and how it will make it easier for credit unions to access the CLF if and when they need to.

Hood touched on several other topics, including:

  • NCUA’s COVID-19 resources website;
  • COVID-19-related guidance;
  • The SBA Paycheck Protection Program;
  • Small-dollar lending;
  • Changes to the Examination and Supervision Program;
  • COVID-19-related rulemakings;
  • Meeting flexibility for federal credit unions;
  • Support for small, low-income, and minority credit unions;
  • Changes to the low-income designation methodology;
  • Paid leave and employee schedule flexibility;
  • Remote telework posture; and
  • Cybersecurity efforts in response to COVID-19

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