WASHINGTON–CUNA and its state affiliates have sent a letter to the leadership of the Senate Committee on Banking, Housing and Urban Affairs outlining its ideas for economic growth.
In the letter, which was addressed to Sens. Mike Crapo (R-ID) and Sherrod Brown (D-OH), CUNA says credit unions play an integral role in the economy, but it believes CUs could do even more under a “regulatory structure calibrated toward the size, complexity and structure of financial institutions and a modernized credit union charter that ensures not-for-profit, financial cooperatives can meet the savings and credit needs of their members in the 21st century financial services marketplace.”
CUNA called on Congress to
- Enhance the CFPB exemption authority to give the CFPB clearer direction that its rules ought not impede the delivery of safe and affordable financial services products by credit unions and small banks.
- Establish parity in the treatment of certain multi-family residential loans offered by credit unions.
- Eliminate the statutory credit union member business lending cap.
- Modernize credit union field of membership restrictions.
The complete text of the letter can be found in CUToday.info’s The Gov http://cutoday.ssd.thinkcreativeinternal.net/THE-gov/