NAFCU: Taxpayers Union Misleading Congress about Credit Unions

The National Taxpayers Union is purposely attempting to mislead lawmakers by attempting to link the credit union tax exemption to proposals to increase member business lending, Carrie Hunt, the National Association of Federally-Insured Credit Unions’s executive vice president of government affairs and general counsel charged this week. “It is unfortunate that the NTU continues to misrepresent the facts in order to fit their narrative on credit unions,” Hunt said in a letter to key members of the House and Senate. “It is disappointing that while our country seeks to recover from a pandemic and an economic crisis, the NTU continues

Taxpayers Union: Attach Conditions to Increases in Credit Union Business Lending

Congress should tighten credit union field of membership requirements before increasing the industry’s Member Business Lending cap, the National Taxpayers Union said Thursday.

“Many large credit unions have strayed from their limited mission and extended their services to nearly anyone,” the NTU said in a letter to committees with credit union oversight powers. “Congress should work to reestablish and clarify sensible common-bond requirements that are a condition of credit unions’ unique status.”

McHenry Accuses Waters of Wasting Financial Services Committee’s Time by Focusing on Dead Legislation

The Democratic leadership of the House Financial Services Committee is pursuing a purely partisan agenda and is pushing dead-on-arrival legislation that will not help Americans weather the coronavirus pandemic, Rep. Patrick McHenry of North Carolina, the committee’s ranking Republican, charged Thursday. “Since June 3, 2020, the Committee has focused on pursuing a purely partisan agenda,” McHenry wrote in a letter to committee Chairwoman Maxine Waters (D-Calif.). “There have been no bipartisan policy discussions. No overtures to reach across the aisle. No willingness to entertain, let alone find bipartisan solutions.” The Financial Services Committee traditionally has been a highly partisan committee,

House Appropriators Approve Bill with CDFI Boost, Postal Banking Pilot

The House Appropriations Committee Wednesday approved an FY21 financial services spending measure that includes an $11.5 million boost for the Community Development Financial Institutions program. Voting 30-22, the committee approved the bill that would provide $273.5 million for the program in FY21. The bill also would provide the NCUA’s Community Development Revolving Loan Fund with $2 million in FY21. The program received $950,00 this year. Rep. Harold Rogers (R-Ky.) told the committee that the CDFI program has worked extremely well in areas of his district. The Trump Administration has proposed eliminating the program in each of its budgets. The report

Democratic House Appropriators Want Postal Banking Test

Democratic House Appropriators this week jumped on the postal banking bandwagon, calling for a pilot program to test the concept.

In the report accompanying its FY21 spending measure, Democrats on the House Financial Services Appropriations Subcommittee said that post offices could play a crucial role in providing banking services. The subcommittee did not provide any funding for the pilot, but simply gave directions for the Postal Service to test the concept.