CUNA backs amendment to keep NCUA out of appropriations process
CUNA is actively engaged and strongly supports an amendment to House appropriations legislation that would strike a section of the bill that would place NCUA under the appropriations process. The amendment was offered by Reps. Mark Amodei (R-Nev.) and Pete Aguilar (D-Calif.).
Section 906 of the Department of the Interior, Environment, and Related Agencies Appropriations Act for Fiscal Year 2018 (H.R. 3354) would bring NCUA under the appropriations process.
We oppose Section 906 because it would jeopardize the independence of the federal credit union regulator and unnecessarily comingle credit union resources with taxpayer resources, potentially causing credit union resources to be used to pay for other areas of government,” CUNA President/CEO Jim Nussle wrote to Amodei and Aguilar Thursday in a letter supporting the amendment.
“Maintaining a separate, independent federal credit union regulator and insurer is critically important to the credit union system, and the structural and mission-driven differences between credit unions and banks necessitate such a regulatory scheme: credit unions’ not-for-profit structure and their mission to promote thrift and provide access to credit for provident purposes are fundamentally different than other financial services providers,” the letter adds.
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