WASHINGTON–CUNA continues to speak to why it has come out in support of Sen. Elizabeth Warren’s (D-MA) new American Housing Economic Mobility Act of 2019 after NAFCU, which said it has “concerns,” and withheld its support.
As CUToday.info reported here, NAFCU said it is worried “about the new regulatory and examination burdens that would be placed on credit unions that add underserved areas.” In response, CUNA’s chief advocacy officer, Ryan Donovan, argued “regulatory burdens have actually been reduced. Legislation another trade association has supported would make (compliance) an annual requirement, but under the legislation we support it’s part of the examination cycle, which for most credit unions is not an annual event but occurs every 18 months.”
Now CUNA has released a comparison chart between the 2019 version of the American Housing Economic Mobility Act and the version that was introduced in the prior Congress, saying it is “Providing fact-based, accurate, and thoroughly researched insights and analysis that our members can confidently depend upon when reaching their own conclusions.”
In releasing that comparison, CUNA pointed to the 2017 legislation it said NAFCU successfully sought to have introduced in the 115th Congress.
“We believe that once you have an opportunity to view the facts for yourself, you will see why CUNA believes that Senator Warren’s bill is a victory for credit unions—one that eliminates the threat of CRA, codifies existing regulatory requirements, and even lessens the regulatory burdens attached with the expansion of credit unions’ abilities to reach underserved communities,” CUNA said in its statement.
The full CUNA comparison chart can be found here.