WASHINGTON–The Senate has passed the omnibus spending package, which includes the credit union-supported Credit Union Governance Modernization Act, as well as a number of other spending priorities of credit unions. Having earlier passed the House, it now heads to President Biden, who is expected to sign the bill.
The act, from Reps. Tom Emmer (R-MN) and Ed Perlmutter (D-CO) seeks to modernize the member expulsion process. Both reps addressed CUNA’s recent Governmental Affairs Conference.
“This common-sense bill will allow credit unions to ensure the safety of their branches, employees, and members, keeping resources focused on improving consumers’ financial well-being,” said CUNA President/CEO Jim Nussle in a statement. “We thank Reps. Emmer and Perlmutter, as well as Sens. Tina Smith (D-MN) and Ben Sasse (R-NE) for working with CUNA and the Leagues on this important issue.”
Added NAFCU President/CEO Dan Berger, "NAFCU commends the passage of this package and applauds all the Congressional leaders who worked tirelessly to include legislation that is critical to protecting credit unions across the country. This omnibus package is a win not only for credit unions that have relentlessly helped their members navigate the financial insecurities brought on by the pandemic, but for Main Street small businesses and families who rely on credit unions for financial services.”
Also In Package
In addition, the omnibus bill bill includes funding for both the federal government through (through) March 15 and the National Flood Insurance Program (through Sept. 30).
The omnibus legislation also contains:
- $295 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund, $25 million more than the FY21 level
- $1.545 million for NCUA’s Community Development Revolving Loan Fund
- $18.5 million for the U.S Agency for International Development’s Cooperative Development Program
- Legislation providing replacement interest rates for loans, securities, and other instruments relying on LIBOR
- Legislation requiring a wide range of companies responsible for U.S. critical infrastructure, including depository institutions, to report cybersecurity incidents to the government to the Cybersecurity and Infrastructure Security Agency
- Report language supporting NCUA’s policy of prioritizing access to CDRLF grants by minority depository institutions and credit unions with less than $100 million in assets. The committee expects that NCUA shall ensure that grant writers shall be an eligible expense for technical assistance grants to small credit unions provided under the CDRLF Program
- Report language encouraging NCUA to identify census tracts with large shares of unbanked individuals and explore strategies for increasing access to credit unions in these communities
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