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Capitol Eyes 4.30.20

Cap Eyes 4.30.20
Apr 30, 2020
By The Government Affairs team
  • Advocacy

Federal Reserve Reg. D Amended

Last Friday, the Federal Reserve Board announced it will amend Reg. D, deleting the six-per-month limit on certain savings account transfers at a time when access to these accounts are crucial.

The League and Activists asked members of the Wisconsin Congressional Delegation to encourage the Fed to take up this matter over a series of meetings. Our strong relationships with legislators and these important conversations were valuable in building awareness of our support for this change.

Congressional Delegation Advocates for PPP & Credit Union Support

Senator Baldwin Letter to Senate Leadership and Secretary Mnuchin
Earlier this month, Senator Tammy Baldwin (D- Madison) sent a letter to Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, and Treasury Secretary Steven Mnuchin to request swift funding and reforms to the Small Business Administration (SBA), Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL).

Senator Baldwin stressed this importance after a number of issues have arisen in providing funds for small businesses under the CARES Act, and that the dedication of PPP funding to small community based-institutions like credit unions will better direct loans to underserved businesses and communities.

Her request was realized in the latest Congressional action to fund the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Signed by President Trump last Friday afternoon, the bill adds $310 billion to the PPP, with $60 billion set aside to be distributed by community lenders- including credit unions- under $10 billion in assets.

Senator Baldwin Letter to Senate Leadership and Secretary Mnuchin >>

Congressman Kind Letter to Secretary Mnuchin and Administrator Carranza
Last Tuesday, Congressman Ron Kind (D- La Crosse) wrote a letter to Treasury Secretary Mnuchin and SBA Administrator Jovita Carranza outlining questions surrounding loan forgiveness, specific to employee retention and the use of 75% of the total PPP loan amount for payroll costs.

Rep. Kind Letter to Secretary Mnuchin and Administrator Carranza >>

Governor Evers's Badger Bounce Back Plan

Last week, Governor Evers introduced his Badger Bounce Back Plan, which details a tiered approach to reopening the state's economy.

As the Governor continues to announce Emergency Orders and updates, The League continues to update resources on our COVID-19 Resources & Updates for Credit Unions page.

The League additionally continues our work with state and federal agencies, legislators, and other trade associations to ensure credit unions' interests are well represented and considered in planning for reopening and recovery efforts. If you have any questions, please reach out to Tom Harrington.

About The Author

Tom Harrington is the Political & Grassroots Specialist for The Wisconsin Credit Union League.