The National Credit Union Share Insurance Fund remains healthy, and Congress should take no action to give the agency board new power to manage it or charge premiums, the two national credit union trade groups said Tuesday.
Credit union and banking trade groups are asking Congress to ignore proposals to impose a 36% fee and interest cap on loans made by financial institutions.
“The proposed 36% fee and interest cap would make it more difficult for many consumers to obtain credit, thereby harming the very consumers the legislation seeks to protect. Congress should reject these legislative measures,” the groups, including the Credit Union National Association, the National Association of Federally-Insured Credit Unions, the American Bankers Association and the Independent Community Bankers of America, wrote, in a letter to the Senate Banking Committee.
Credit trade groups are continuing to press the National Credit Union Administration to lower its Normal Operating Level to 1.30%–a request that so far has been denied.
Credit union and banking political action committees have resumed making campaign contributions to House members who objected to the certification of some states’ Electoral College votes on Jan. 6.
The nation’s community bankers are calling on the Biden Administration to support legislation imposing a tax on credit union acquisitions of banks.
Small credit unions play a vital role in the credit union community, but they face daunting challenges that larger institutions find easier to conquer, the Credit Union National Association said in a new report, released Tuesday.
Credit union trade groups are warning Congress that proposals to establish a public credit reporting agency within the Consumer Financial Protection Bureau would give the agency enormous new power that it should not have.
The Credit Union National Association on Tuesday endorsed the Biden Administration’s FY22 budget requests for the Community Development Financial Institutions program and the National Credit Union Administration’s Community Development Revolving Loan Fund program.
A Biden Administration proposal to create new reporting requirements for financial institutions is far more expansive than expected, financial trade groups told the House Ways and Means Committee this week.
The Federal Housing Finance Agency must tailor its programs to ensure that small credit unions have access to its secondary markets, Elizabeth LaBerge, the Credit Union National Association’s senior director of regulatory advocacy and council told the agency Thursday.