CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Draft legislation would allow FOM expansions, MBL relief
Policy & Issues

Draft legislation would allow FOM expansions, MBL relief

May 17, 2021
Cap1

The House Financial Services Committee will discuss several CUNA-supported bills this week, including legislation to allow federal credit unions to add underserved areas to their field of membership and exempt loans in low-income areas from the member business lending cap.

CUNA and Leagues have engaged heavily with Congress in the last few months to advance financial inclusion by allowing federal credit unions to serve underserved areas.

Specifically, the Expanding Financial Access for Underserved Communities Act would:

  • Allow all federal credit unions to add underserved areas to their field of membership;
  • Exempt business loans made by credit unions to businesses in low-income areas from the credit union member business lending cap; and 
  • Expand the definition of low-income credit union to include any area that is more than 10 miles from the nearest branch of a financial institution.

The hearing, scheduled for Wednesday at 10 a.m. (ET), will also include testimony from NCUA Chairman Todd Harper and other federal financial regulators.

Other CUNA-supported legislation to be discussed at the hearing includes:

  • A resolution (H.J. Res. 35) to repeal the Office of the Comptroller of the Currency’s “true lender” proposal. The Senate voted to repeal the proposal last week; and
  • The Central Liquidity Facility Enhancement Act, which would make permanent the pandemic-related flexibility granted to NCUA’s Central Liquidity Facility. This includes expanded borrowing authority to 16 times the paid in capital (up from the pre-pandemic 12 times).

The House is also expected to consider a number of bills under suspension of the rules.

Additional hearings CUNA is engaged with this week include:

  • Tuesday, 10 a.m. (ET): House Small Business Subcommittee on Economic Growth, Tax, and Capital Access hearing, “Examining the role of Community Development Financial Institutions and Minority Depository Institutions in Small Business Lending;”
  • Tuesday, 10 a.m. (ET): Senate Banking, Housing, and Urban Affairs Committee hearing, “Reauthorization of the National Flood Insurance Program: Part I;” and
  • Wednesday: Senate Appropriations Subcommittee on Financial Services and General Government hearing, “Internal Revenue Service: Narrowing the Tax Gap and Improving Taxpayer Services.”

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Compliance: FinCEN issues issue BOI reporting guidance

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: See the West winner and vote for the South champ

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which South Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us