CUNA, NAFCU submit comments in advance of Otsuka testimony

CUNA and NAFCU wrote to the Senate Banking, Housing, and Urban Affairs Committee bringing awareness to critical credit union issues as it hears testimony from NCUA board nominee Tanya Otsuka. Otsuka–nominated in September to fill the seat of current board member Rodney Hood—will testify before the committee Thursday.

“Unlike other sectors of the financial services industry, credit unions embody the collaborative, people helping people philosophy,” the letter reads. “As such, we urge this Committee and the NCUA Board to work with the credit union industry to pursue an approach, both legislatively and regulatorily, aimed at ensuring credit unions can continue to serve their millions of members across the country.”

Other highlights of the letter include:

• Shared recommendations to enhance NCUA budget efficiency, including:
  • Preserving the strength of the share insurance fund without overburdening credit unions.

 

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