WASHINGTON—Lawmakers are back on Capitol Hill for the final weeks of the 118th Congress, and issues that may be addressed in the lame duck session include both credit union priorities and bills of concern, America’s Credit Unions noted.
America’s Credit Unions wrote Congressional leaders to share credit union priorities as lawmakers return.
In the letter ACU President/CEO Jim Nussle encouraging Congress to move forward with:
- The bipartisan Credit Union Board Modernization Act (H.R. 582/S. 610) that would update federal credit union board meeting requirements to no less than six meetings per year
- The CDFI Transparency Act (H.R. 2674/S.3161), which would require the Treasury’s Community Financial Development Institution Fund director to testify before Congress
- The SAFE Banking Act (H.R. 2891/S.1323), which would provide a safe harbor for financial institutions serving legal cannabis-based businesses
Nussle also addressed issues of concern, and urged members of Congress to oppose:
- The “Big Box Bailout” bill, which would “harm community financial institutions, including credit unions, by extending debit interchange routing
- Legislation (S. 4943) that would expand Electronic Fund Transfer Act liabilities to financial institutions
- Any efforts to expand the NCUA’s examination authority over third-party vendors
“As you look ahead to the 2025 legislation session, we wanted to make clear the difference credit unions make in the lives of over 140 million Americans because of the credit union tax-exempt status,” Nussle wrote, adding, “because credit unions are not focused on paying profits to investors, they are committed to making financial services more affordable for their members.”