September 13, 2017

NAFCU, CUs succeed at keeping NCUA out of approps process

The credit union industry scored a big win this afternoon as the House passed a NAFCU-sought amendment 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 Vice President of Legislative Affairs Brad Thaler thanked representatives for standing up for credit unions.

"This amendment is imperative to preserving the NCUA as an autonomous regulator acting for the betterment of credit unions," said Thaler, who made the case for the amendment from the Congressional Caucus stage this morning.

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.