WASHINGTON–Russia’s attack upon Ukraine and the resulting crisis has affected much of the agenda on Capitol Hill, and that includes credit unions.
For example, a markup on the Expanding Financial Access for Underserved Communities Act (H.R. 7003), introduced by House Financial Services Committee Chair Maxine Waters (D-CA), that had been scheduled for this week in the House has now been pushed back to April or May.
The legislation would update the Federal Credit Union Act to allow all federal credit unions to add underserved areas to their field of membership.
The war in Ukraine “has shifted the agenda and rightfully so,” said Brad Thaler, VP-legislative affairs with NAFCU. “(The House Committee on Financial Services) has put other issues aside to focus on legislation related to their role in overseeing international financing, and Russia and Ukraine. This is an immediate issue. A lot of these decisions have to be made by Congress in the short term to give the administration what it needs to respond.”
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