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This week: NAFCU's advocacy remains steadfast
Conflict overseas remains top of mind for Congress this week as the House Financial Services Committee Wednesday will hold a full committee markup tackling only legislation related to the Russian invasion of Ukraine. Friday, President Joe Biden signed a stopgap bill to fund the federal government in the short term. The President is expected to sign the omnibus package early this week. The package includes the NAFCU-sought Credit Union Governance Modernization Act (CUGMA), which modernizes the Federal Credit Union (FCU) Act’s provisions related to member expulsion in order to keep credit unions, their members, and staff safe from illicit behavior.
In response, Rep. Tom Emmer, R-Minn., who introduced the bill in the House last April alongside Rep. Ed Perlmutter, D-Colo., commented to NAFCU on the need for all Americans to have access to safe and reliable financial services.
"Federal credit unions must have a streamlined process for removing dangerous members from the credit union," said Emmer. "Up until now, we have failed in providing this because the current law is outdated and ineffective.
"My bill, the Credit Union Governance Modernization Act, will keep credit union members and employees safe by creating a framework for federal credit unions to swiftly remove a member for cause. We must prioritize a financial system that keeps Americans safe," added Emmer. "I am proud to see this bill pass the House.”
NAFCU remains focused on advocating for an additional critical legislation, specifically the Expanding Access for Underserved Communities Act, which would make changes to the FCU Act to allow all types of federal credit unions to add underserved areas to their field of membership. The legislation was originally under consideration for the aforementioned House Financial Services Committee markup, but late last week the Committee decided to focus on the Ukrainian conflict. The legislation could come up at a future markup.
In addition, NAFCU's Regulatory Compliance School, happening in-person in Arlington, Va., kicks off today where attendees will have the opportunity to further their understanding of credit union compliance topics. During the five-day event, attendees will have the opportunity to earn the prestigious NAFCU Certified Compliance Officer (NCCO) designation. View the full agenda.
Items of note also happening this week:
- Wednesday, comments are due to NAFCU in response to the CFPB's inquiry into fees on consumer financial products. Comments can be submitted via NAFCU's Regulatory Alert, in addition credit unions can contact NAFCU Vice President of Regulatory Affairs Ann Kossachev via email at akossachev@nafcu.org with questions or comments;
- Thursday, the NCUA Board will meet and review the agency's 2022-2026 strategic plan (view the full agenda); and
- Friday, comments are due to NAFCU in response to the NCUA’s proposed rule requiring a federal credit unions board of directors to establish a process for succession planning. Comments can be submitted via NAFCU's Regulatory Alert; credit unions can contact NAFCU Regulatory Affairs Counsel Aminah Moore via email at amoore@nafcu.org with questions or comments.
Stay tuned to NAFCU Today for the latest out of Washington.
This story originally contained information based on an inaccurate news story and has been adjusted.