WASHINGTON—NAFCU urged leaders of a House Financial Services subcommittee to continue their focus on regulatory relief for credit unions in advance of their hearing on consumer access to mainstream banking services.
“We appreciate the ongoing focus on regulatory relief that the subcommittee is maintaining,” wrote Executive Vice President of Government Affairs and General Counsel Carrie Hunt in a letter to Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer (R-TX) and Ranking Member Lacy Clay (D-MO).
“For too long, outdated and cumbersome regulatory burdens have hampered the ability of community financial institutions, such as credit unions, from providing the banking services that their members desire and need,” she continued. “We look forward to working with you to address this challenge.”
Hunt particularly urged the lawmakers to support NAFCU-backed HR 5541, the “Financial Services for the Underserved Act,” which would allow credit unions of all charter types to add underserved areas to their fields of membership. She noted the legislation should be considered as the subcommittee continues to look at consumer access to mainstream banking services.