WASHINGTON—As Congress reconvenes for the lame-duck session following the midterm elections, NAFCU has written to both chambers to highlight several issues it said credit unions are concerned with.
In the letter, Senior Vice President of Government Affairs Greg Mesack outlined NAFCU’s position on several items, including:
- Opposition to the Credit Card Competition Act and any efforts to extend debit interchange routing requirements to also cover credit cards
- Opposition to legislation that would grant NCUA with third-party vendor oversight authority, such as the Improving Cybersecurity of Credit Unions Act
- Support for Senate action on the bipartisan Credit Union Board Modernization Act, which would “reduce the outdated requirement” that credit union boards of directors hold monthly meetings to instead require no fewer than six meetings per year
- Support for greater transparency from the Treasury Department’s Community Development Financial Institution (CDFI) Fund regarding certification and other communication issues
- Support for clarity when it comes to providing financial services to state-authorized marijuana-related businesses, such as what is included in the SAFE Banking Act
- Support for maintaining enhancements made to the Central Liquidity Facility (CLF) that were enacted as part of the CARES Act
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