The House should pass remote online notarization and Community Development Financial Institutions (CDFI) improvement legislation, CUNA wrote to House leaders Monday. The House is expected to vote on both pieces of legislation this week.
The Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2021 (H.R. 3962) would authorize the use of remote online notarization and create national standards and protections for its use.
“The COVID-19 pandemic complicated person-to-person contact and made it difficult, if not impossible in some cases, to secure in-person notary services. Some states have remote notarization laws in effect; other states’ governors issued temporary executive orders permitting remote notarization,” the letter reads. “However, given the fact that the pandemic has affected every state and county in the country and that many of the notary requirements emanate from Federal law, CUNA strongly believes it would be in the interest of public policy to have a federal law permitting remote online notarization.”
The bill unanimously passed the House Energy and Commerce Committee last week.
CUNA also supports the CDFI Bond Guarantee Improvement Act of 2022 (H.R. 7733). It would modify and permanently legislation would reduce the minimum loan size for the program to $25 million (down from $100 million).
“This legislation will provide certainty to both lenders and borrowers and ensure access to low-cost capital for smaller development projects in historically neglected areas in rural, urban, and tribal America,” the letter reads.