The New York Credit Union Association joined with CUNA and the American Association of Credit Union Leagues in penning a letter to Secretary of the Treasury Steven Mnuchin Tuesday, outlining concerns related to the Paycheck Protection Program.
The letter touched on four main topics:
- A lack of support from SBA;
- loan closing concerns;
- clarification on the disbursement of loans; and
- clarification on forms.
The letter stated that credit unions’ chief concern then was “the compressed timeline” for the program’s implementation and publishing of guidelines.
“Published just hours before PPP went live, the interim final rule forced credit unions and other lenders to implement a lending program while forms and procedures were still being developed by the Small Business Administration,” the letter stated.
“Our previous letter outlined the challenges of implementing a program in this manner, but because of credit unions’ commitment to helping their members, they have proceeded to make PPP loans, and even credit unions that are not SBA lenders have signed up to make these loans.”
The letter can be accessed on CUNA’s website.