WASHINGTON–CUNA has sent a pair of letters to Capitol Hill this week, one related to the CFPB, and the other to loan maturity increases.
In the former letter to the Senate Banking Committee, which recently received “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress,” CUNA sent a letter for the record of Director Kathy Kraninger’s testimony before the committee. The trade association said it believes the CFPB should examine and modify its approach to rulemaking where necessary. The letter also reiterates the trade association’s support of a bipartisan, multimember commission to lead the CFPB. CUNA issued several credit union recommendations for the CFPB’s rulemaking agenda.
In its Letter supporting H.R. 1661, CUNA said longer limits for federal credit union loans would allow credit unions to better service members.
As CUToday.info reported, Reps. Lee Zeldin (R-NY) and Vicente Gonzalez (D-TX) introduced H.R. 1661, which would amend the Federal Credit Union Act to provide NCUA with the flexibility to increase loan maturity limits for federal credit unions.
CUNA noted one area that this change may impact is student lending.
“The ability to set a longer loan maturity for Federal credit union loans would provide student borrowers across the country with more opportunities for education that is more affordable both in the short and long term,” CUNA wrote. “Credit unions would also be able to better service loans for the agricultural sector and other businesses requiring significant cost of entry.”