{"id":2936,"date":"2020-07-20T11:40:31","date_gmt":"2020-07-20T16:40:31","guid":{"rendered":"http:\/\/www.ncultheaffiliate.com\/?p=2936"},"modified":"2020-11-19T14:48:37","modified_gmt":"2020-11-19T19:48:37","slug":"rep-bacon-thanks-cus-for-community-support","status":"publish","type":"post","link":"https:\/\/www.ncultheaffiliate.com\/?p=2936","title":{"rendered":"Rep. Bacon Thanks CU\u2019s for Community Support"},"content":{"rendered":"

The Nebraska Credit Union League hosted a virtual roundtable discussion with credit union leaders from the Omaha area and Congressman Don Bacon on June 23rd<\/sup>.\u00a0 Scott Sullivan, President\/CEO of the League recognized the support that Congressman Bacon has shown for Nebraska\u2019s credit unions since being sworn into office in January of 2017.\u00a0 Congressman Bacon acknowledged he first became a credit union member when he first entered the military.\u00a0 He thanked credit unions for their support and for their work to help their local communities.\u00a0 He discussed his support for the CARES Act and the Paycheck Protection Program (PPP) as well as the PPP Flexibility Act.\u00a0 He said that Congress is working on policing reform, a possible phase 4 stimulus, and the 2021 National Defense Authorization Act.<\/p>\n

President\/CEO Gail DeBoer of Cobalt Credit Union spoke about what the credit union\u2019s experience has been since the COVID-19 pandemic hit the U.S.\u00a0 She said that the credit union has been there for members by making available a hardship relief program including skip payments, waived fees, restructuring of loans and modifications to small business loans.\u00a0 She said they made 76 PPP loans to small business members and has seen their mortgage pipeline for new homes as well as mortgage refinancing expand due to the very low rates.\u00a0 She also noted that their indirect lending is very strong demonstrating that members are buying automobiles.\u00a0 The credit union is also seeing an influx in cash with stimulus payments coming in and worried investors moving money out of the stock market.<\/p>\n

President\/CEO Ann Loftis of First Nebraska Credit Union said that her credit union has had one thousand members take advantage of their skip payment program and that the credit union created an emergency loan program.\u00a0 The credit union has enlisted numerous safety measures to protect employees and members during the pandemic including strong sanitization practices and staff working remotely.\u00a0 She noted that a partial remote workforce may be ongoing into the future.\u00a0 She ended by saying the credit union is in a strong capital position.<\/p>\n

Senior Vice President of Lending Kevin Svec of Centris FCU discussed their efforts to assist the hundreds of small businesses they serve at the credit union during the pandemic.\u00a0 Centris FCU\u2019s small business lending team made 370 PPP loans equaling $11 million.\u00a0 He said the PPP program had its challenges throughout but that the program overall was very positive for small businesses who needed the assistance in an unprecedented time.\u00a0 He said that they are now in the \u201cforgiveness phase\u201d helping their members apply to have the loans forgiven.\u00a0 He was appreciative that Congress passed the PPP Flexibility Act but voiced his support for a \u201cblanket forgiveness\u201d for PPP loans below $350,000.<\/p>\n

During the open dialogue portion, credit union advocates discussed concerns with FASB\u2019s CECL including capital concerns, local unemployment, and the possibility of a second wave of direct stimulus payments to Americans.<\/p>\n

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The Nebraska Credit Union League hosted a virtual roundtable discussion with credit union leaders from the Omaha area and Congressman Don Bacon on June 23rd.\u00a0<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/2936"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2936"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/2936\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}