WASHINGTON—Both CUNA and NAFCU have sent letters to the Hill in support of various pieces of legislation.
Ahead of the House’s final vote on its version of the fiscal year 2024 Financial Services and General Government (FSGG) appropriations bill last week, NAFCU called on it to provide full funding for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF), as well as the Financial Crimes Enforcement Network (FinCEN).
Vice President of Legislative Affairs Brad Thaler urged the House to reject Amendment 117, which would eliminate funding for the program, and instead support Amendment 174, offered by Rep. Maxine Waters (D-CA), to increase the funding level for the CDFI Fund to $341 million, as proposed in the Biden Administration’s FY24 budget request.
“This would provide the resources needed to keep these important programs properly functioning,” wrote Thaler. “These programs have proven to be an invaluable means of providing financial services to underserved areas.”
Support for Other Provisions
In addition, Thaler offered support for several policy provisions that are either already included in the bill or are proposed to be included, such as provisions to:
- Change the governance structure of the CFPB from a single director to a bipartisan commission and subject the bureau to the annual appropriations process
- Prohibit the CFPB from expending funds to implement its rulemaking on Section 1071 of the Dodd-Frank Act
- Prohibit the creation of a central bank digital currency
CUNA Urges Support for Veterans Bill
Meanwhile, in conjunction with Veterans Day, CUNA again urged Congress to support for the Veterans Member Business Loan Act.
The bipartisan legislation—introduced in the House and Senate—would exempt loans to veteran owned business from the member business lending cap.
“As credit unions stand ready to serve our veterans who so faithfully served our nation, there are challenges that impact veterans’ access to the financial services they need from credit unions,” the message reads. “By broadening that access, credit unions’ people-first focus becomes available to more veterans. With our willingness to look beyond credit scores and collateral to assess loan opportunities, and history of making much-needed yet smaller loans than other financial institutions are willing to make, this can make or break a veteran’s ability to get the loan they need to serve their business and community.”
Letter from Member
The message includes a video featuring Will Rivera, owner of Running Soles in Elizabethtown, Ky., a veteran, and member of Abound Credit Union.
“[Abound] saw our vision, we pitched it, and they believed in us. They’ve been a great help to us, and helped us grow more,” Rivera said.
“The credit union relationship is different. We're not out looking for the $50 million commercial loan, we try to help improve the lives of our members and make the community a better place to live,” said Ray Springsteen, CEO of Abound Credit Union.
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