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NAFCU writes in support of SECURE Act, CDFI Bond Guarantee Improvement Act amid House suspension vote
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to House Speaker Nancy Pelosi, D-Calif., and House Republican Leader Kevin McCarthy, R-Calif., regarding the House’s list of votes on the suspension calendar this week, which is a way for the House to consider non-controversial legislation expeditiously. Of note, the list of suspension votes includes the NAFCU-backed SECURE Notarization Act, which provides businesses and consumers the ability to execute critical documents using remote notarization; as well as the NAFCU-backed CDFI Bond Guarantee Program Improvement Act, which would permanently authorize the CDFI Bond Guarantee Program.
In the letter, Thaler detailed NAFCU’s reasoning for supporting the SECURE Notarization Act, as it will modernize long standing issues with processing legal documents, particularly with the COVID-19 pandemic.
“Physical distancing requirements in response to COVID-19 made the need for Remote Online Notarizations (RON) greater than ever,” wrote Thaler. “H.R.3963 would allow for the use of RON nationwide, which would have an immediate benefit, especially for our servicemembers who are often deployed or traveling.”
In addition, Thaler 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 (CDRLF).
Of note, also included on the calendar is the Promoting New and Diverse Depository Institutions Act, which 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 writes that this legislation is a “step in the right direction.”
Thaler also encouraged the House to consider the NAFCU-backed Expanding Financial Services for Underserved Communities Act, which would allow credit unions to add underserved areas to their fields of membership, as another alternative for helping underserved communities.
Read the full letter. NAFCU will continue to monitor the progress of these pieces of legislation on the Hill, and will update on NAFCU Today.