Credit Unions are mission-driven and well-positioned to address inequity and advance financial inclusion and in the financial services sector, and with member business lending changes and FOM modernization, they could do even more.

The arbitrary credit union member business lending cap is an obstacle for businesses to get capital and should be at least temporarily lifted, CUNA wrote to the House Small Business Committee Wednesday.

The House passed The American Rescue Act of 2021 (H.R. 1319) Wednesday, and President Joe Biden is expected to sign the bill into law Friday.

Marcia Fudge was confirmed by the Senate Wednesday in a 66-34 vote to become the 18th Secretary of Housing and Urban Development. Fudge previously served as a Congresswoman from Ohio since 2008.

The Senate Committee on Banking, Housing, and Urban Affairs Wednesday voted  to advance the nomination of Rohit Chopra to serve at the next director of the CFPB. Chopra is currently a commissioner with the Federal Trade Commission.

CUNA strongly supports the FHFA efforts to build a strong Enterprise liquidity framework, it wrote to the agency Tuesday in response to a proposal to implement four liquidity and funding requirements for Fannie Mae and Freddie Mac.

It is now more important than ever to ensure credit unions have timely access to necessary information from NCUA, CUNA wrote to the agency Monday. NCUA issued a request for information asking for input on the agency’s communications and transparency.

Both chambers of Congress are in Washington, D.C. this week, as the House is expected to consider the Senate-passed COVID-19 relief bill, while the Senate is expected to vote on Department of Housing and Urban Development Secretary and Attorney General nominees.

Sen. Roy Blunt (R-Mo.) announced Monday he will not seek re-election in 2022. Blunt co-sponsored the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and has introduced CUNA-backed data security legislation with Sen. Tom Carper (D-Del.).

CUNA joined other financial services organizations Friday to call on member of Congress to urge the SBA to make every effort to clear the thousands of PPP loan holds and that any PPP loan application submitted by the March 31 deadline be eligible for SBA approval.