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NAFCU’s Berger meets with NCUA’s Hood on GHGR Fund
NAFCU President and CEO Dan Berger Monday met with NCUA Board Member Rodney Hood to discuss credit union involvement in the Greenhouse Gas Reduction (GHGR) Fund to support projects that reduce greenhouse gas emissions and air pollution in low-income and disadvantaged communities.
NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Petros, Inclusiv President and CEO Cathie Mahon, and two NAFCU-member credit unions were in attendance during the meeting.
The group discussed the Environmental Protection Agency’s (EPA) decision to agree with NAFCU’s position on credit unions’ ability to receive money from the fund, declining to solely disburse funds through a green national bank.
The GHGR Fund was established under the Inflation Reduction Act of 2022 to provide grants for zero-emission technologies, and financial and technical assistance for projects to reduce greenhouse gas emissions and other air pollution.
NAFCU called on the EPA to allow credit unions to obtain funds through the GHGR Fund to support projects that reduce greenhouse gas emissions and air pollution in low-income and disadvantaged communities. In response to inaccurate and misleading comments regarding the EPA’s ability to distribute money from the fund to credit unions, Petros countered with a legal analysis that indicated otherwise.
NAFCU will continue to work closely with the NCUA, EPA, and Congress to ensure appropriate implementation of the fund and credit unions’ access to it for qualified projects.