Special Session Wraps Up
The 111th General Assembly of Tennessee has concluded its extraordinary session this week with all three of the bills requested by Governor Lee passing both the House and the Senate. On the credit union front, the “Tennessee Covid-19 Recovery Act” was the only piece of legislation we were tracking. The bill will provide credit unions with liability protections from lawsuits related to Covid-19, save exemptions for cases of gross negligence. The bill heads to Governor Lee’s desk to be signed.
Negotiations on COVID Relief at Federal Level Continue
Negotiations on the next COVID relief bill continue in Washington, DC. As of now, the discussions and movement of a bill seem to be at an impasse, but it doesn’t mean we shouldn’t continue to advocate for our priorities. The Paycheck Protection Small Business Forgiveness Act (S. 4117/H.R. 7777) is still in the discussion to be included and we want to be sure that happens. This bill would streamline the forgiveness process for Paycheck Protection Program loans under $150,000, which would cover nearly 98% of the PPP loans that credit unions in Tennessee made. It’s very important to get more co-sponsors on this bill. Currently, Reps. Cooper, Roe, and Kustoff are cosponsors. If your representative is not, please write them and ask that they cosponsor this important legislation! We are currently hoping that a package can get put together and passed in September, but we will keep you posted!
Advancing Communities NEEDS YOUR VIDEOS!
YOU and YOUR MEMBERS are your credit unions’ best advocate and you know the credit union difference more than anyone. Now, we need your help to get that word out! Submit a video on our Advancing Communities site, advancingtncommunities.org. You can do a simple selfie video discussing a member you helped, invite a member to do a video about what the credit union means to them, or something completely different! The sky is the limit – we just want to be sure our legislators and policy makers understand the credit union difference. The three areas that our website is focusing on are small business, underserved areas, and rural communities. If you have stories that fall under one of these three categories, those would be especially helpful! Please don’t hesitate to reach out if you need assistance or have any questions on making videos. CUNA has provided us with some best practices on videos attached here.[pdf-embedder url=”https://www.yourleague.org/wp-content/uploads/2020/08/Share-Your-Story-Instructions-Examples.pdf” title=”Share Your Story Instructions & Examples”]