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HFSC advances CU board modernization; House passes NAFCU-backed bills
During its markup yesterday, the House Financial Services Committee passed by voice vote the NAFCU-backed H.R. 6889, the Credit Union Board Modernization Act, which would amend Federal Credit Union Act language that currently requires credit union boards to meet once a month, to instead require the board to meet no less than six times per year.
Also Wednesday the House voted to pass two NAFCU-backed bills from this week’s suspension calendar: the SECURE Notarization Act, which provides businesses and consumers the ability to execute critical documents using remote notarization; the CDFI Bond Guarantee Program Improvement Act, which would permanently authorize the CDFI Bond Guarantee Program; late Tuesday, the House cleared the Promoting New and Diverse Depository Institutions Act, which would require federal financial regulators to conduct an 18-month study examining the challenges perspective de novo institutions face.
Ahead of the suspension votes, NAFCU Vice President of Legislative Affairs Brad Thaler detailed NAFCU’s support for the measures, such as the SECURE Notarization Act, specifically noting that the bill would modernize long-standing issues with processing legal documents.
Thaler also addressed NAFCU’s longstanding support for the CDFI Bond Guarantee Improvement Act, as it will increase funding for both the CDFI Fund and the Community Development Revolving Loan Fund.
Thaler noted that the Expanding Financial Services for Underserved Communities Act would encourage regulators to focus on the formation of de novo credit unions, an issue that the association has previously worked on with Congress and the NCUA. Thaler wrote that the legislation is a “step in the right direction.”
NAFCU continues to follow the House Financial Services Committee markup which resumes today at 10:00 am eastern. Prior to the markup, Senior Vice President of Government Affairs Greg Mesack wrote to the committee, reiterating the association's thoughts on several bills up for consideration that would impact credit unions.
In his letter, Mesack called the effects of H.R. 6889 a “welcome modernization that will give credit unions more flexibility and free up resources,” for their members.
The committee is expected to complete the markup today.
NAFCU will continue to keep credit unions up-to-date on the latest from the Hill via NAFCU Today.