While the media focus in Washington, D.C., these past few weeks has been on the Supreme Court confirmation proceedings, there’s been much continual effort outside of that to protect and advance credit unions. Of note is the continued push to prevent undue compliance burdens on credit unions, in the form of an unnecessary added layer of examination. U.S. Sen. Elizabeth Warren (D-MA) has introduced the American Housing and Economic Mobility Act, which seeks to enhance housing opportunities for traditionally underserved groups and create economic incentives for local governments to eliminate unnecessary land use restrictions. However, while the intent is positive, the legislation seeks to impose Community Reinvestment Act (CRA) requirements onto credit unions. Credit unions, Leagues and CUNA have been working to remind Congress of the statutory chartered purpose of not-for-profit credit unions, which provide traditional retail and consumer-facing financial services to groups with a common bond.
In addition to the effort put forth to bring the CRA issue to light, there have been several U.S. Senate hearings of interest to credit unions in the past several days, ranging from regulatory relief, tax code changes, and potential money laundering regulation reform. And while the U.S. House is in recess until November 13th, efforts to engage members of Congress on the issues important to credit unions does not stop. Take advantage of in-district opportunities to engage your elected leaders when they arise in your area!