November 15, 2022

NAFCU outlines industry priorities for Congress, details midterm results for CUs

CapitolAs Congress reconvenes for the lame-duck session following the midterm elections, NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to both chambers to highlight several issues that are top of mind for credit unions. In addition, today NAFCU will host a complimentary webinar to detail results of key congressional races and how they will impact the credit union industry. The webinar is scheduled for 3 – 4:15 p.m. Eastern and registration is still available.

In the letter to lawmakers, Mesack outlined NAFCU’s position on several items, including:

  • opposition to the Credit Card Competition Act and any efforts to extend debit interchange routing requirements to also cover credit cards;
  • opposition to legislation to grant the NCUA with third-party vendor authority, such as the Improving Cybersecurity of Credit Unions Act;
  • support for Senate action on the bipartisan Credit Union Board Modernization Act, which would reduce the outdated requirement that credit union boards of directors hold monthly meetings to instead require no fewer than six meetings per year;
  • support for greater transparency from the Treasury Department’s Community Development Financial Institution (CDFI) Fund regarding certification and other communication issues;
  • support for clarity when it comes to providing financial services to state-authorized marijuana-related businesses, such as what is included in the SAFE Banking Act; and
  • support for maintaining enhancements made to the Central Liquidity Facility (CLF) which were enacted as part of the CARES Act.

“We thank you for the opportunity to share our thoughts and look forward to continuing to work with you this Congress on important credit union issues,” concluded Mesack.

Stay tuned to NAFCU Today for the latest from Washington.