WASHINGTON—Primary elections are taking place in Illinois and Ohio today, where candidates have financial backing from credit unions.
According to America’s Credit Unions PAC, it has provided support to 24 candidates across the 13 primary elections in Illinois and 11 primary elections in Ohio.
In Illinois, America’s Credit Unions and the Illinois Credit Union League have partnered to support “credit union champion Rep. Mike Bost in the Republican primary via ads targeting credit union members,” ACU said.
Also on the Agenda
Meanwhile, in other events taking place in Washington this week:
Wednesday
- A House Financial Services subcommittee will hold a hearing to discuss characteristics and challenges of homebuyers
- The Senate Small Business Committee will host a hearing to review President Biden’s fiscal year 2025 budget proposal and to provide oversight over the Small Business Administration (SBA)
- The House Small Business Committee will hold a hearing on oversight of the SBA
Thursday
- The House Financial Services Committee will hold a hearing to examine the “dangers of ceding authority over American financial regulation”
- The Senate Finance Committee will hold a hearing to review Biden’s fiscal year 2025 budget proposal
ACU Congratulates New CDFI Fund Director
Separately, America’s Credit Unions congratulated new Community Development Financial Institutions (CDFI) Fund Director Pravina Raghavan, saying credit unions look forward to working with the fund toward their “shared goal of supporting underserved communities.”
The association noted there are more than 500 certified CDFI credit unions, representing more than 35% of CDFIs nationwide but originating 77.1% of CDFI loans and holding 76.7% of all CDFI financial products.
“Although the CDFI Fund is not a regulator, it is critical for the Fund to understand that its policies have a significant impact on credit union strategic plans and operations. These impacts can, in turn, have implications for a credit union’s safety and soundness or the internal controls necessary to protect the credit union from litigation, compliance, or reputational risk,” wrote ACU president/CEO Jim Nussle wrote.
“America’s Credit Unions applauds the CDFI Fund’s recent work on the CDFI Certification Application to modernize its requirements while ensuring that credit unions were not inappropriately unable to obtain or retain certification,” Nussle continued. “We eagerly await the publication of the CDFI Certification Agreement, which CDCUs do need to fully assess the strategic and compliance obligations of certification prior to investing in the certification process.”
Raghavan previously served as director of the Manufacturing Extension Partnership Program at National Institute of Standards and Technology and deputy associate administrator and New York District director at the U.S. Small Business Administration.
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