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This week: CU CEO to represent NAFCU at CDFI hearing
This week, Jeanne Kucey, President and CEO of JetStream Federal Credit Union (Miami Lakes, Fla.), will testify on behalf of NAFCU during Wednesday's Senate Banking Subcommittee on Financial Institutions and Consumer Protection hearing on the role of community development financial institutions (CDFIs) and minority depository institutions (MDIs) in their communities.
NAFCU has previously offered support for increased funding for CDFIs, noting that the programs have been an "invaluable means of providing financial services to underserved areas." The association has also called on the Treasury Department to address the CDFI backlog and has advocated for the Federal Housing Finance Agency (FHFA) to consider purchasing mortgage loans from CDFIs to help underserved borrowers.
Of note, Sens. Tina Smith, D-Minn., and Mike Rounds, R-S.D., introduced the bipartisan CDFI Bond Guarantee Program Improvement Act earlier this year. The bill aims to jumpstart economic development in economically distressed areas and address disparities in access to capital for underserved communities by strengthening and expanding CDFIs. NAFCU offered support for the bill in a letter to Smith and Rounds, providing insights on how credit union CDFIs are working to serve their communities.
The hearing is scheduled to begin at 2:30 p.m. Eastern; stay tuned to NAFCU Today for details on Kucey's testimony and a recap of the hearing.
In addition, NAFCU continues to monitor movement on the America COMPETES Act, which passed the House by a vote of 222-210 on Friday. The legislation notably contains the Secure and Fair Enforcement (SAFE) Banking Act, added as part of a bipartisan en bloc amendment package. The association will keep credit unions updated via NAFCU Today.
Items of note happening this week include:
- tomorrow, NAFCU's Regulatory Committee will meet;
- tomorrow, the House Financial Services Committee will hold a hearing to discuss the President’s Working Group on Financial Markets’ report on stabecoins;
- Thursday, the NCUA will host a webinar on changes to the Call Report, where credit unions with questions about the changes are encouraged to attend (more information);
- Thursday, the Senate Banking Committee will hold a hearing on how institutional landlords change the housing market.
NAFCU's Virtual BSA School begins tomorrow and runs through Thursday. The event will help attendees gain a solid understanding of core Bank Secrecy Act (BSA) knowledge, in addition to the tools and foundational know-how to fortify their credit union's BSA/AML program. During the event, attendees will also have the opportunity to earn the prestigious NAFCU Certified Bank Secrecy Officer (NCBSO) designation. Read more about the event.
Stay tuned to NAFCU Today for the latest out of Washington.