House Passes Remote Online Notary Legislation, CDFI Improvement Bills
FOR IMMEDIATE RELEASE
July 27, 2022
The House passed CUNA and League-backed remote online notary and Community Development Financial Institutions (CDFI) Fund improvements Wednesday 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 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).
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 130 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.