The COVID-19 relief bill passed by Congress and signed by President Donald Trump on Dec. 27, 2020 includes appropriations that will help to ensure that credit unions can continue to support members during the next phase of the pandemic. The Consolidated Appropriations Act, 2021, extends several provisions of the CARES Act, including the Paycheck Protection Program and Health Care Enhancement Act, ensuring continued stability and regulatory relief.

Measures that ensure continued stability and regulatory relief. The act extends the CARES Act provisions that provided the Central Liquidity Facility with increased flexibility and borrowing authority to support the liquidity needs of the system and the Share Insurance Fund through Dec. 31, 2021. The act also extends the regulatory relief measures related to troubled debt restructurings and lengthens the exemption from complying with the Financial Accounting Standards Board’s current expected credit losses methodology until Jan. 1, 2022.

Measures that support community-based financial institutions. The act provides $12 billion in COVID-19 relief funding for CDFIs that predominantly serve minority communities, with approximately one-third of the $12 billion set aside for smaller financial institutions with less than $2 billion in assets. It also provides the CDFI Fund with $270 million in supplemental funding. The Community Development Revolving Loan Fund, which the NCUA administers, also received $1.5 million in funding for technical assistance grants and low-interest loans to support low-income credit unions.

Measures that aid credit union members and businesses. The act provides additional support for and extends the through March 31, 2021, with approximately $284 billion set aside for first and second round forgivable PPP loans. There is also a dedicated $15 billion set-aside for PPP lending through community-based financial institutions like CDFIs and minority depository institutions, along with other changes to the PPP program.

Coming back from a holiday break is always stressful. There’s so much to do, so many emails to catch up on, so many messages to return, so many looming deadlines to keep up with. We understand and to assist, we have extended the registration deadline for the FiCEP class of 2021 until Friday, January 15.

You now have a little extra time to decide if becoming a financial counselor is the best fit for you and your credit union. This year is expected to bring with it unprecedented numbers of credit union members in unexpected financial stress. Many of them would have never thought they would be in such a position and may feel embarrassed to ask for financial guidance. The needs they will face will be quite varied and will include:

Being able to recognize their needs and learning the proper techniques to guide them to financial freedom is the best way you can help! Sign up today to become a Certified Financial Counselor and be able to assist your members!

Upcoming Conferences from your League:

January 26: Leadership Lessons from a Survivor: Lead Your Tribe in 2021

February 9 & 10: Frontline Fundamentals

January 7: Providing Provisional Credit Under Reg E

January 12: IRA & HSA Update: Key Considerations for 2021

January 13: Remote Workforce Series: Creating or Revising Work from Home Policies

January 14: 2020 HMDA Submission Due March 1, 2021: Challenges & Best Practices

January 20: Intro to C&I Lending: Cash Flow, Collateral & Assessing Management Efficiency

January 21: Flood Series: Flood Insurance Rules, Best Practices & Liability

January 26: Beginning BSA Officer: What You Need to Know on Day 1

January 27: Remote Workforce Series: Work from Home Record Retention Rules

January 28: Calculating Cash Flow from Corporate Tax Returns

January 29: Alphabet Soup Series for Lenders

For a complete listing of educational opportunities available from LCUL, visit the League website.