WASHINGTON–All types of credit unions should be allowed to serve underserved areas, NAFCU told the Senate Banking Committee.
In advance of yesterday’s hearing by the Senate Banking Committee on capital formation and corporate governance, which was led by Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH), NAFCU’s Brad Thaler expressed support for legislation introduced in the prior Congress that would have allowed any credit union to petition the NCUA to allow the credit union to add underserved areas to their existing field of membership.
In addition, NAFCU urged the committee to:
- Delay the NCUA's risk-based capital rule. NAFCU noted it advocated for a two-year delay in the rule to give credit unions more time to comply while providing the NCUA time to update the rule.
- Provide NCUA flexibility in loan maturity limits. NAFCU said it supports giving the NCUA board the power to extend the 15-year limit on federal credit union loans to longer terms for certain types of loans as it deems necessary.