The Ohio Democrat's criticism of Rodney Hood, chairman of the National Credit Union Administration, echoed complaints from bankers that the regulator was using the chaos from the pandemic to push through changes.
A credit union-specific liquidity backstop is far less popular than other options such as the Federal Reserve's discount window. The National Credit Union Administration wants to change that.
The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.
Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.
The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak.
The National Credit Union Administration also ordered its own employees to work from home until at least the end of March.
As the health crisis upends the United States, credit union trade groups have called for lawmakers and regulators to provide relief for institutions dealing with the pandemic's impact.
There may only be so much institutions can do if the outbreak affects borrowers' ability to repay credit.
State and federal officials committed to providing “appropriate regulatory assistance” to banks whose customers may be hurt by the coronavirus outbreak and said prudent measures would not be subject to criticism by examiners.
Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak.