Congress should act to help communities before end of year

The 117^th Congress can take several actions in its final weeks to improve consumers’ financial well-being, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to all members of Congress Wednesday.

“Credit unions support several common-sense, bipartisan priorities that would benefit communities still reeling from the pandemic and its economic effects,” Stverak wrote.

Credit union priorities are:

• Opposing the Credit Card Competition Act (H.R. 8874/S. 4764), which will hurt consumers and benefit big box retailers by reducing the number of credit card issuers while removing a consumer’s choice of preferred card network.
• Opposing the Improving Cybersecurity of Credit Unions Act (S. 4968), which would give NCUA supervisory authority over third-party vendors.
• Supporting the Credit Union Board Governance Modernization Act (S. 4325/H.R. 6889), which would increase meeting flexibility for volunteer boards of federal credit unions.
• Extending the enhancements to the NCUA’s Central Liquidity Facility (CLF) to help credit unions remain a safe and affordable source of capital.

CUNA reiterated its support for the Secure and Fair Enforcement (SAFE) Banking Act (which would provide a safe harbor for institutions serving legal cannabis businesses), and legislation promoting fair hiring in financial services.

CUNA also remains strongly opposed to any legislation that would end popular overdraft products, including H.R.  4277.