Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., introduced legislation Tuesday that would allow credit unions to purchase CLF capital stock for specific members for the next three years. CUNA, the California Credit Union League, and Dakota Credit Union Association coordinated with policymakers on the bill.

The House passed the CUNA-supported SECURE Notarization Act by voice vote Monday. The bill would authorize the use of remote online notarization and create national standards and protections for its use.

The Data Security Act of 2023 is a “mixed bag” for credit unions, as CUNA supports the goals of this legislation but cannot support parts, including one section on data usage, which would place an extraordinary compliance burden on credit unions.

The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the Consumer Financial Protection Bureau (CFPB). CUNA has long supported placing the CFPB under the traditional appropriations process.

The House will consider remote notarization legislation, the CUNA-supported SECURE Notarization Act of 2023 (H.R. 1059), this week, and the House Financial Services Committee will conduct a markup starting Tuesday. 

The 2023 CUNA Governmental Affairs Conference kicks off Sunday, Feb. 26, at the Walter E. Washington Convention Center, with a record-breaking more than 5,400 credit union leaders and advocates registered to attend.

There are many options to follow along with the week’s activities for those not headed to Washington, D.C.

‘It’s a message we bring every day to members of Congress and legislative staff.’

CUNA wrote in support of legislation to prevent, and codify opposition to, the implementation of a Treasury proposal to require financial institutions to report additional account holder information to the IRS.