CUNA outlines credit union priorities for incoming Biden administration
FOR IMMEDIATE RELEASE
January 19, 2021
Credit Union National Association (CUNA) today sent a letter to President-elect Joseph R. Biden and his transition team providing policy recommendations for 2021 and pledging to work with the incoming administration to identify policies which would benefit the 120 million Americans that credit unions serve.
“Credit unions are financial first responders, a fact that has been amplified during the COVID-19 pandemic,” wrote CUNA President/CEO Jim Nussle. “CUNA strongly encourages this new administration to support and implement further COVID-recovery legislation and policies in 2021 and beyond to ensure credit unions remain in a position to serve their members throughout and after the COVID-19 pandemic.”
CUNA outlined several important recommendations for the incoming Biden administration, including:
- The National Credit Union Administration (NCUA) should refrain from National Credit Union Share Insurance Fund premium assessments and temporarily exclude certain low-risk assets from the net worth ratio.
- The Consumer Financial Protection Bureau (CFPB) should coordinate credit union supervision and transfer supervision of large credit unions to NCUA, effectively use its statutory authority, and revise its remittances requirements.
- The Federal Housing and Finance Agency’s (FHFA) recapitalization plans for Fannie Mae and Freddie Mac should be phased in on a schedule that prevents disruption of the secondary mortgage market.
- Regulators should work with credit unions to increase diversity and inclusion to reach and better serve an increasingly diverse population and enhance financial inclusion for all.
“We look forward to working with you in the coming years, and encourage you to utilize CUNA, state credit union leagues, and credit unions as resources moving forward,” Nussle concluded.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.