CUNA President/CEO Jim Nussle issued an action alert Thursday calling for credit union activists to contact legislators in support of a bipartisan amendment to remove a provision placing NCUA under the appropriations process from a House appropriations bill currently under consideration.
Nussle urged all stakeholders to visit CUNA’s action center and send a message to their elected official immediately in support of the bipartisan Amodei-Aguilar amendment on NCUA, as votes are expected on the amendment late Thursday into Friday morning.
“[Placing NCUA under appropriations] is the functional equivalent of a hidden tax on credit unions and their members,” Nussle wrote. “We have deep concerns that this language would diminish the independence of the NCUA, as well as result in the high probability of credit unions paying more to fund NCUA operations and examinations.”
Section 906 of the Department of the Interior, Environment, and Related Agencies Appropriations Act for Fiscal Year 2018 (H.R. 3354) would bring NCUA under the appropriations process, and Reps. Mark Amodei (R-Nev.) and Pete Aguilar (D-Calif.) proposed an amendment that would strip this language from H.R. 3354.
Nussle’s action alert calls on credit union stakeholders to tout their support for the bipartisan Amodei-Aguilar amendment on NCUA.
CUNA strongly opposes placing NCUA under appropriations process, believing a separate, independent credit union regulator and insurer is critically important to the credit union system.
Since credit unions and members, not taxpayers at large, fund NCUA, placing NCUA under the appropriations process could mean those funds are used to pay for or offset federal spending in other areas.
CUNA also sent a letter to Amodei and Aguilar Thursday, thanking them and expressing support for the amendments.