DUBLIN, OHIO, April 22, 2020 – On April 20th, under the signature of Representatives Joyce Beatty of Ohio and Susie Lee of Nevada, a letter was sent to Nancy Pelosi, Speaker of the US House of Representatives, and House Minority Leader, Kevin McCarthy, on behalf of all privately insured credit unions. The letter, which included 16 cosigners representing nine states, asked the leadership to include privately insured credit unions along with federally insured credit unions as approved depository institutions under the PPP. Please click here to view a copy of that letter.
On April 21st, Dennis Adams, the President and CEO of American Share Insurance (ASI), announced to its member credit unions that, thanks to the help of these key Congressional leaders, legislation had passed the US Senate adding another $310 billion to the C.A.R.E.S. Act’s Paycheck Protection Program (PPP). The legislation requires that $30 billion of this amount be earmarked specifically to help all “credit unions” under $10 billion in assets – including all privately insured credit unions.
ASI would like to thank the Ohio and California/Nevada Credit Union Leagues – and the leagues from our other seven states of operation and CUNA – in helping ASI gain the support needed to right this wrong.