WASHINGTON—CUNA has written to the House Appropriations Subcommittee on State-Foreign Operations and Related Programs expressing strong support for the $17-million funding level for the Cooperative Development Program (CDP) in fiscal year 2021.
The CDP is a global initiative that focuses on building capacity of cooperative businesses and cooperative systems for self-reliance, local ownership, and sustainability.
CUNA noted that during the life of the CDP, activities have supported more than 500 cooperatives and credit unions with a combined savings of $495 million. During this time period, the program has also:
- Provided health insurance and services to more than 42,000 people in Uganda
- Leveraged more than $95 million of investments for cattle cooperatives in South Africa
- Increased member equity among cacao cooperatives in Ecuador, Peru, and the Dominican Republic by more than $4 million
- Reformed cooperative law and regulation in Mozambique, Tanzania, Uganda, and Kenya
NAFCU Thanks NCUA
Separately, in response to NCUA's proposed rulemaking on joint ownership share accounts, NAFCU Senior Regulatory Affairs Counsel Kaley Schafer thanked the agency for "providing this targeted, regulatory relief."
The rule was proposed at the NCUA board's May meeting and provides parity with changes made for banks by the FDIC in 2019.
“Although this proposal suggests a minor change, it provides immense regulatory assistance,” wrote Schafer. “NAFCU has long sought, and continues to advocate for, streamlined NCUA regulations and this proposal is a prime example.”
Under the rule, federally-insured credit unions may use information in account records establishing co-ownership of the share account to satisfy the signature card requirement.
More Examples Sought
"NAFCU members are supportive of the proposal and ask that the NCUA continue to provide examples of account information and evidence that may utilize under the alternative method and ensure that credit unions may use the alternative method for all current members,” Schafer added.
In a NAFCU Regulatory Alert sent last month to members, the association also highlighted that information in account records can take many forms, including the availability of an access mechanism for each co-owner or use of the share account by each co-owner.