Congress should act to close the industrial loan company (ILC) loophole, CUNA wrote the House Financial Services Committee Tuesday prior to its markup of bills that include the Close the ILC Loophole Act (H.R. 5912)

The House Financial Services Committee will hold a markup on the CUNA-supported Close ILC Loophole Act. Markups are also scheduled for appropriations legislation and the FY23 National Defense Authorization Act this week.

CUNA Chief Economist Mike Schenk shared the findings from CUNA’s recent white paper during a recent interview with CUBroadcast. The paper—based off CUNA’s 2022 National Voter Poll—shows credit union members generally fare better than non-members in terms of financial resilience.  

CUNA has undertaken a robust campaign to target and educate lawmakers in state capitols across the country on the credit union difference, focusing on driving lawmakers and staff to learn how credit unions in their state are improving consumers’ financial well-being.

House passage of the Expanding Financial Access for Underserved Communities Act helps credit unions fight against banking deserts where they exist, CUNA Chief Advocacy Officer Ryan Donovan said on CUBroadcast. The bill passed the House Wednesday as part of a larger piece of legislation.

NCUA will add qualitative questions, consider credit union asset size in determining survey questions, and consider using a third-party to administer its Post-Examination Pilot Survey in response to survey answers from credit unions.

CUNA wrote to the House Appropriations Financial Services and General Government Subcommittee Thursday with requests for Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund for fiscal year 2023.

CUNA continues to support long-term authorization of the National Flood Insurance Program and recognizes reforms may be necessary, it wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday for its hearing on the NFIP.

The House passed the CUNA-League-led Expanding Financial Access for Underserved Communities Act Wednesday as part of a larger financial services bill. CUNA, Leagues, credit unions, and system partners strongly support the bill, and engaged House members throughout the process.

Language modernizing federal credit unions’ field of membership regulations would expand affordable financial services to those who need it, CUNA wrote before the House's expected vote on legislation containing the CUNA-League-led Expanding Financial Access for Underserved Communities Act (H.R. 7003).