WASHINGTON—In advance of the House’s review today of HR 5485, the FSGG Act of Fiscal Year 2017, CUNA has sent a letter to House leaders supporting the legislation.
CUNA President and CEO Jim Nussle wrote that the legislation “appropriately funds” programs that help credit unions better serve their members, like the Community Development Revolving Loan Fund, and urged the House to pass the legislation.
“CUNA appreciates the bill’s commitment to funding key programs that assist low-income credit unions that serve underserved areas and members of modest means,” wrote Nussle. “In particular, thank you for maintaining an annual $2 million appropriation for the National Credit Union Administration’s Community Development Revolving Loan Fund program (CDRLF). This program is used to provide low-interest loans and technical assistance grants to low-income designated credit unions. Many of these small credit unions offer services like free income tax preparation and financial literacy classes.”
Nussle noted that CUNA appreciates Congress' commitment to relieving regulatory burdens for credit unions, who exist to serve their members and are their best choice.
“When credit unions are forced to abandon products or services as a result of increased regulation, unfortunately America's consumers are the ones who suffer,” Nussle said.
The complete letter can be found in CUToday.info’s The gov.