WASHINGTON—Two pieces of legislation impacting credit unions have been introduced by House Financial Services Ranking Member Maxine Waters (D-CA), America’s Credit Unions reported, noting it supports both bills.
The Central Liquidity Facility (CLF) Enhancement Act (H.R. 10510) would make permanent the temporary reforms to NCUA’s CLF that were in place during the pandemic, designed to give small credit unions easier access to emergency liquidity through the CLF in a crisis.
These authorities expired in 2021.
America’s Credit Unions—along with lawmakers from both parties—have called on Congress to make those reforms permanent to help ensure continued liquidity of the credit union system beyond the pandemic, ACU noted.
This language passed the House as an amendment in the FY2023 National Defense Authorization Act but was not ultimately enacted.
Another bill, the Expanding Financial Access for Underserved Communities Act (H.R.10510), would allow credit unions to expand fields of membership under certain circumstances. However, America’s Credit Unions said it has concerns regarding new provisions related to requirements for large credit unions that add underserved areas.
DCUC Applauds Legislation
The Defense Credit Union Council told CUToday.info it supports both pieces of legislation.
“Before the election and, in particular, last week, we communicated with both Congress and French Hill (chair-elect of the House Financial Services Committee) on priorities they could act upon before the end of Congress and going into the next Congress,” said DCUC Chief Advocacy Officer Jason Stverak. “At the top of that list was common sense reform and permanent extension on the CLF. We're happy that the congresswoman and ranking member Waters is moving forward with this legislation. We encourage the House, when Congress goes back into session next month, to act quickly on that legislation and pass it over to the Senate.”