WASHINGTON–Two elected officials in North Dakota have issued statements of support after NCUA revised its strategic plan to clarify that the agency will not take regulatory action based on “climate-related financial risks,” which critics have suggested would discourage credit unions from lending to farmers, ranchers, agri-businesses and rural communities
The Dakota Credit Union Association has also submitted a comment letter to the agency in which it was critical of the potential fallout of new climate change-related regulations on ag lending credit unions. “Farmers and ranchers not only serve as the foundation of North Dakota’s economy, they help ensure that every American continues to have access to the highest quality, lowest cost food supply in the world,” said Sen. John Hoeven (R-ND). “As such, our nation’s agriculture producers deserve our support, and we appreciate NCUA responding to our concerns and clarifying that credit unions will not be discouraged from lending to those in the agricultural sector.”
Prior to the announcement from NCUA, Hoeven had sent a bicameral letter to the agency’s chairman, Todd Harper, pressing the agency to continue supporting agriculture producers’ access to credit.
Governor Praises Move
Separately, in a letter Gov. Doug Burgum thanked the NCUA board for revising its strategic plan to clarify its stance.
Burgum said that while he would have preferred to see the climate risk language removed, “We appreciate the NCUA board clarifying its position so that credit unions know they can continue to provide financial services to our farmers, ranchers and energy industry without fear that such activity will put them in the crosshairs of federal regulators. North Dakota continues to be a leader in carbon capture, utilization and storage efforts, recognizing that carbon neutrality can be achieved only through innovation, not regulation.”
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