Credit union priorities flying through Congress
Published by: Jared Weiser
July 27, 2022 | Political Action
Just as your credit union works to wrap up 2022 Q2 reporting and tackles upcoming strategic planning sessions, Congress is busy wrapping up outstanding legislation before an August recess and November election. The League is constantly watching for policy that impacts how your credit union serves its members, driving offensive and defensive strategies to protect how you serve members and foster their financial well-being through the following initiatives:
- The League urged the Ohio U.S. House Financial Services Committee members to once more oppose HR. 4277, the Overdraft Protection Act of 2021 so credit unions can continue serving member needs through critical overdraft protection services. The Committee vote on the bill was delayed and is expected later today. The League needs you to tell Congress through this call-to-action how this legislation could harm members.
- The League worked closely with Congressman Anthony Gonzalez (R-Rocky River) to introduce HR. 6889, the Credit Union Board Modernization Act, which modernizes federally chartered credit union board meeting frequency requirements to no less than six times per year. The U.S. House Financial Services Committee cleared the bill, which now heads to the U.S. House Floor. Ask Congress to pass this common-sense legislation that provides federally chartered credit unions operational flexibility through this call-to-action.
- The League urged U.S. Senator Sherrod Brown, as Chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee, for his support and opposition to several credit union-specific provisions included in the U.S. House-passed HR. 7900 -The National Defense Authorization Act (NDAA) for Fiscal Year 2023:
- Overly broad National Credit Union Administration third-party vendor authority, which would extend to CUSOs, is duplicative and costly. The League highlighted current due diligence and examination capabilities and the need to reserve additional examination authority for partners with systemic safety and soundness and BSA/AML risks.
- Credit unions need to safely service legal businesses. The League explained how the SAFE Banking Act would provide greater regulatory clarity for cannabis-related businesses seeking safe and secure financial services.
- Flexible hiring options are necessary for credit unions to meet a challenging workforce market. The League noted how empowering credit unions to hire employees with certain previous criminal offenses will reduce barriers to employment and provide people a second chance.
The League is committed to driving credit union success through these current legislative initiatives in Congress. Reach out to League Legislative Affairs Director Jared Weiser for more information or if your credit union would like to contribute to the legislative process.
Contact Jared Weiser for questions or assistance.
