WASHINGTON—NAFCU is reminding Congress that as banks close branches, credit unions have been filling the “financial void” in towns across America.
The trade association wrote to the Senate Banking Committeeprior to its hearing this week on oversight of the nation’s largest banks. The House held a similar hearing.
In the letter, Senior Vice President of Government Affairs Greg Mesack reiterated NAFCU’s support of the Expanding Access for Underserved Communities Act. He stated that credit unions have continued to fill the financial services void as banks close branches around the country. Mesack sent a similar message to the House.
Opposition to Card Bill
The letter further detailed NAFCU’s opposition tothe Credit Card Competition Act of 2022. In addition to the Senate version of the bill, Representatives Gooden (R-TX) and Welch (D-VT) introduced a companion bill in the House earlier this week, as CUToday.info has reported. The nation’s retailers have been out in force in Washington advocating in favor of the legislation.
Mesack argued that the legislation does not benefit consumers, and instead benefits big box retailers.
Additionally, the letter expressed opposition to expansion of Regulation E liability by stating credit unions should not face increased liability for fraud caused by a consumer’s transfer.
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