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September 06, 2016

Donnelly, Levin, Sherman join NAFCU Caucus slate

Sen. Joe Donnelly, D-Ind., the lead Democrat on a NAFCU-backed letter urging CFPB to make better use of its exemption authority, and Reps. Sandy Levin, D-Mich., and Brad Sherman, D-Calif., are the latest additions to the speaker slate for NAFCU's Congressional Caucus.

NAFCU's Congressional Caucus is Sept. 18-21 in Washington, D.C. Registration is still open for member and nonmember credit unions.

Donnelly and Sen. Ben Sasse, R-Neb., also set to speak at Caucus, spearheaded a letter signed by 70 senators urging CFPB Director Richard Cordray to grant credit unions relief from more rules through the bureau's authority under the Dodd-Frank Act. Donnelly also serves on the Senate Banking, Armed Services, Aging and Agriculture Committees.

Levin serves as the ranking member of the House Ways and Means Committee, which has jurisdiction over all tax, trade and economic growth policies. He has also been a strong supporter of credit unions' federal tax exemption.

House Financial Services Committee member Sherman is a lead cosponsor of the NAFCU-backed bill "Capital Access for Small Businesses and Jobs Act" (H.R. 989), which would allow federal credit unions access to supplemental capital. He also introduced, with House Financial Services Subcommittee Chairman Blaine Leutkemeyer, R-Mo., who is also scheduled to speak at Caucus, legislation supported by NAFCU that would give credit unions and other lenders that keep their first mortgages loans in portfolio relief from certain CFPB mortgage escrow requirements (H.R. 1529). The bill passed the House Financial Services Committee last year.

Other recent additions to the Caucus slate include:

  • former Republican presidential candidate and Texas Sen. Ted Cruz;
  • Rep. Frank Guinta, R-N.H., author of NAFCU-backed legislation that would establish an extended exam cycle for well-run credit unions;
  • Sen. Mike Rounds, R-S.D., the author of NAFCU-sought legislation to require that rules be tailored to financial institutions' risk profiles;
  • House Financial Services Committee Ranking Member Maxine Waters, D-Calif.; and
  • House Financial Services Subcommittee Chairman Randy Neugebauer, R-Texas, who is the lead on the NAFCU-supported "Data Security Act" (H.R. 2205) and the chief sponsor of a NAFCU-backed bill that would repeal the Durbin amendment (H.R. 5465).

For updates, follow #NAFCUCaucus on Twitter.