WASHINGTON—Sen. Bill Hagerty (R-TN) told attendees at NAFCU’s Congressional Caucus he understands credit unions’ frustrations with the CFPB and the cost of keeping up with regulations.
Hagerty was among several legislators to address the meeting on its final day, including Reps. Vicente Gonzalez (D-TX), Bill Huizenga (R-MI), Rep. Dan Kildee (D-MI) and Juan Vargas (D-CA).
Hagerty’s comments came during a discussion with NAFCU Senior Director of Legislative Affairs Chad Adams to on regulatory burden, the appropriations process, and more.
Hagerty also expressed his hope to have the Credit Union Board Modernization Act (CUBMA) passed through the Senate this year, according to NAFCU.
2 Bills Outlined
Meanwhile, in his remarks Gonzalez touched on a pair of bills he introduced in the House: the Member Business Loan Expansion Act and the Veterans Member Business Loan Act.
The Member Business Loan Expansion Act would increase the amount of a member business loan exempt from cap from $50,000 to $100,000, and would also the NCUA the authority to provide credit unions with relief from the 15-year general loan maturity limit under the Federal Credit Union Act.
The Veterans Member Business Loan Act would exclude any loan made to a veteran from the MBL cap. Gonzalez, who told the meeting he is committed to reintroducing the bills until they become law, said he also supports regulation of fintechs to ensure a level playing field.
Additional Remarks
According to NAFCU, Caucus-goers were also told:
- Kildee and Huizenga both expressed their support and continued commitment to credit unions. Kildee, a member of the House Ways and Means Committee, said he is committed to fully maintaining the credit union federal tax exemption, but reminded credit unions to remain vigilant on the issue.
- Huizenga told credit unions they have “outsized value,” especially through grassroots advocacy efforts. “Your voice – out there – is vital.”
- Vargas, who told CUs, “I think you guys do tremendous work and I’ve always been a member,” also discussed the CUBMA, before further urging CUs to consider climate related risk.
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