ARLINGTON, Va.–What will be the fate of two bills related to credit unions—one that CUs support, the other they oppose—now that they have been marked up by the House Financial Services Committee and sent on to the full House?
That remains largely uncertain, according to Brad Thaler, VP-legislative affairs with NAFCU.
As CUToday.info reported, credit unions won one and lost one last week when the committee passed two bills.
Passing was the CU supported HR 7003, the Expanding Financial Access for Underserved Communities Act, which CUNA has called the “the most significant proposed update to the Federal Credit Union Act since 1998.”
The committee also marked up HR 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022, which would give NCUA regulatory oversight of third party vendors, which credit unions oppose.
‘Significant Step’
“The underserved bill passed by a 27-22 vote along party lines,” noted Thaler. “It’s a significant step to get something like that out of committee, but it has an uncertain future on House floor. Given how divided Congress is, it will need some Republican support. There is also the potential it will go into a larger package later in the year, given the ongoing focus overall in terms of trying to do more to help the underserved and low income communities. So, we’re looking for ways to advance it there.”
Narrow Margin
Meanwhile, the cybersecurity bill passed by a narrower 24-22 vote, Thaler pointed out.
“It did not get as much support and again the vote was largely along party lines,” Thaler said. “They also have tweaked the language requiring NCUA to try to pursue (vendor) information from other (regulatory) sources before they go in and examine vendors. We will have a lot of concern and Congress has a lot of concern about what NCUA will do with this authority and the cost to credit unions. We think NCUA still has to provide more information about costs and what they plan to do. It has an uncertain future.”
Are You Missing Out?
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com