House passes remote online notary, CDFI improvement bills

The U.S. House of Representatives passed CUNA and League-backed bills for remote online notary and Community Development Financial Institutions (CDFI) Fund improvements Tuesday evening.

“We owe a big thank you to the House for passing these two bipartisan bills that will increase access to financial services,” said CUNA President/CEO Jim Nussle. “Allowing remote online notarization will help consumers continue to conduct important transactions despite COVID and other restrictions, while the CDFI legislation will open up a source of low-cost capital for smaller projects in rural, urban, and tribal areas.”

CUNA wrote in support of the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2021 (H.R. 3962) and the CDFI Bond Guarantee Program Improvement Act of 2022 (H.R. 7733) Monday prior to the House vote.

H.R. 3962 would authorize the use of remote online notarization and create national standards and protections for its use.

H.R. 7733 would reduce the minimum loan size for the program to $25 million (down from $100 million).