WASHINGTON—Clarity is needed around potential design issues when it comes to implementation of the Greenhouse Gas Reduction (GHGR) Fund, according to NAFCU.
In a letter to the Environmental Protection Agency, Vice President of Regulatory Affairs Ann Petros said the proposed EPA framework stated the investment fund is only limited to direct investments.
According to Petros, that limitation prevents recipients from providing any grant funding to credit unions and places an unrealistic burden on the “few eligible recipients to deploy billions of dollars directly without the assistance of the established network of thousands of existing non-profit financial institutions.”
Other Questions Raised
Additionally, she told the EPA the statutory prohibition against taking deposits raises questions “on whether and how any existing non-profit intermediary can receive grant funding if they have had prior experience in making loans and providing other types of financial assistance” unrelated to the GHGR Fund.
Petros said NAFCU remains committed to “ensuring that credit unions are able to assist their communities through access to the GHGR Fund and is confident that credit union participation, to the fullest extent possible, will benefit consumers and best fulfill the intended goal of the GHGR Fund as enacted by Congress.”
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