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FOR IMMEDIATE RELEASE | September 13, 2017

NAFCU, CUs Succeed at Keeping NCUA Out of Approps Process

FOR IMMEDIATE RELEASE

Washington (September 13, 2017) --The credit union industry scored a big win this afternoon as the House passed an amendment sought by the National Association of Federally-Insured Credit Unions (NAFCU) to keep the NCUA out of the appropriations process.

The amendment to Division D (the Financial Services and General Government appropriations measure) of a broader House appropriations bill passed by a voice vote. The larger bill is set to receive a vote in the House Thursday.

The amendment, offered by Reps. Mark Amodei, R-Nev., and Pete Aguilar, D-Calif. — and fought for by NAFCU and its members this week during Congressional Caucus — will maintain the integrity of NCUA as an independent regulator of the credit union industry. It also ensures that credit union resources are kept separate from taxpayer resources. NAFCU encouraged lawmakers and urged credit unions to ask their lawmakers to support the amendment in a letter last Thursday.

NAFCU President and CEO Dan Berger thanked the lawmakers for standing up for credit unions and the independence of their federal regulator.

"The NCUA is an independent federal regulator funded by the nation's federally-insured credit unions, and today's amendment is important in preserving that independence," said Berger. "NAFCU and credit unions extend a heartfelt thanks to Representatives Amodei and Aguilar for standing up for the nation's not-for-profit credit unions and the 110 million members they serve nationwide."

The House began voting on amendments to the fiscal 2018 Department of the Interior, Environment, and Related Agencies Appropriations Act (H.R. 3354) last week. The bill also contains some NAFCU-backed regulatory relief provisions and NAFCU-sought funding for the NCUA Community Development Revolving Loan Fund.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCUon Twitter.


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Jacqueline Ramsay
jramsay@nafcu.org