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Key lawmakers provide remarks on final day of NAFCU’s Congressional Caucus
Sen. Bill Hagerty, R-Tenn., and Reps. Vicente Gonzalez, D-Texas, Bill Huizenga, R-Mich., Rep. Dan Kildee, D-Mich., and Juan Vargas, D-Calif., addressed attendees Wednesday to wrap up NAFCU’s 2023 Congressional Caucus.
Hagerty sat down with NAFCU Senior Director of Legislative Affairs Chad Adams to discuss the increasing regulatory burden, the appropriations process, and more. Hagerty acknowledged credit unions’ frustrations with the CFPB and the cost of keeping up with regulations. Of note, NAFCU recently released results of a survey regarding the CFPB where 94 percent of respondents believed that Congress must reform the CFPB. Hagerty also expressed his hope to have the Credit Union Board Modernization Act (CUBMA) passed through the Senate this year.
In his remarks, Gonzalez touched on a pair of bills he introduced in the House: the Member Business Loan Expansion Act and the Veterans Member Business Loan Act. The Member Business Loan Expansion Act would increase the amount of a member business loan exempt from cap from $50,000 to $100,000. The bill would also grant the NCUA the authority to provide credit unions with relief from the 15-year general loan maturity limit under the Federal Credit Union Act. The Veterans Member Business Loan Act would exclude any loan made to a veteran from the MBL cap. Gonzalez committed to reintroducing the bills until they become law, and also called for the need to regulate fintechs to ensure a level playing field.
Kildee and Huizenga both expressed their support and continued commitment to credit unions. Kildee, a member of the House Ways and Means Committee, said he is committed to fully maintaining the credit union federal tax exemption, but reminded credit unions to remain vigilant on the issue.
Huizenga noted that credit unions have outsized value, especially through grassroots advocacy efforts. He remarked that credit unions must remain engaged with lawmakers, adding that “your voice – out there – is vital.”
As the closing speaker, Rep. Vargas began his speech expressing his gratitude for credit unions.
“I think you guys do tremendous work and I’ve always been a member,” said Vargas.
He also discussed CUBMA, introduced by him and Huizenga, and the need to modernize credit union board requirements. In addition, Vargas highlighted the need for credit unions to consider climate related risk.
NAFCU and its member credit unions will remain engaged with administration officials, lawmakers, and regulators to advocate for additional regulatory relief for the industry. Join the association’s efforts by using the Grassroots Action Center to build relationships with lawmakers and advocate on behalf of the industry.