Reps. Tom McClintock (R-Calif.) and Eleanor Holmes Norton (D-D.C.) became the latest legislators to express support for the National Credit Union Administration’s member business lending proposal this week.
Credit union stakeholders have the remainder of August to comment on the National Credit Union Administration’s member business lending proposal, with resources available from CUNA on the proposal itself and its effect on credit unions.
Credit unions must weigh in by Aug. 3--Monday--if they want the National Credit Union Administration to consider their views concerning the list of regulations the agency is currently reviewing for updates.
CUNA President/CEO Jim Nussle said Thursday that the field-of-membership rule changes proposed by the National Credit Union Administration at its open board meeting will provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.