WASHINGTON--In an effort to ensure credit unions are kept in mind amid discussions to improve community banking, America’s Credit Unions provided feedback on a slate of bills and principles discussed during an earlier House Financial Services Committee hearing titled “Make Community Banking Great Again.”
During the hearing, Committee Chairman French Hill (R-AK) called for feedback on the various topics discussed.
“As the Committee considers legislation to help make community banking great again, we urge you to include measures to allow credit unions to thrive and better serve their members,” wrote ACU President/CEO Jim Nussle. He urged the committee to consider expanding options for credit union investments, extend the loan maturity limit for credit unions, amend the Federal Home Loan Bank (FHLB) Act to make it easier for credit unions to join an FHLB, and more.
Nussle also encouraged the committee to advance legislation to address several recent CFPB actions that raise concern. This includes reforming Section 1071 rulemaking and using the Congressional Review Act to disapprove of the Bureau’s overdraft rule.
The letter also offered suggestions for several bills, including:
• The Fair Audits and Inspections for Regulators (FAIR) Exams Act
• The 1071 Repeal to Protect Small Business Lending Act
• The Promoting New Bank Formation Act