Ten Leagues representing credit unions from 15 states have met with policymakers in-person and virtually over the past two weeks, part of credit unions’ fall advocacy efforts. In addition to members of Congress, many Leagues and credit unions met with staff at NCUA, CFPB, and others.
The CUNA-supported Expanding Financial Access for Underserved Communities Act would ensure small businesses would be able to access the capital they need, and financial inclusion and access to capital are critical to ensuring the survival of vulnerable small businesses.
NCUA Chairman Todd Harper testified before the Senate Banking, Housing, and Urban Affairs Committee Thursday. Harper—who joined the board in 2019 and was named chairman in January—has been re-nominated by President Joe Biden for an additional term.
The Senate Thursday confirmed Rohit Chopra to be the next director of the CFPB. Chopra comes to the CFPB from the Federal Trade Commission where he was a commissioner. He previously served as assistant director and student loan ombudsman at the CFPB
Additional Congressional action will be needed to address the economic consequences of the pandemic, including legislation that provides relief and spurs economic growth for credit unions, their members, and communities.
A proposal requiring increased financial institution reporting to the IRS is fundamentally flawed, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday citing concerns about the privacy of their nontax-related financial information.
Credit unions strongly support the enactment of a national data security and data privacy law that includes robust security standards that apply to all who collect or hold personal data and is preemptive of state laws and believe there can be no data privacy without strong data security
CUNA supported a credit union governance modernization bill and commented on oversight of fintech companies in a letter to a House subcommittee Wednesday for the record of a hearing on the future of financial services.
American credit unions—like their counterparts around the world—are vastly different than large international banks and should be regulated as such, CUNA Chief Advocacy Ryan Donovan said during a World Council of Credit Unions webinar on the importance of proportionality..