NAFCU Highlights Advocacy Agenda in Letter to Lawmakers

Congress and federal regulators should protect the credit union tax exemption, while ensuring that the institutions have the same opportunities to serve consumers as banks and other financial companies, NAFCU officials said, as they released their 2021 advocacy agenda. “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” said NAFCU President/CEO B. Dan Berger. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.” Berger sent

Credit Union, Anti-Corruption Groups Pleased With Override of Defense Bill

Congress overrode President Trump’s veto of the 2021 defense authorization bill, meaning that credit unions, but not banks, will continue to have free rent on military bases next year. Also in the bill and becoming law are anti-money laundering provisions that require information on beneficial owners of companies to be collected and then kept by the Treasury Department for use by law enforcement.

Final Stimulus, Spending Bill Includes Big Boost for CDFIs, Extension of CLF Provisions

Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.