CUNA wrote a letter Thursday to members of the House Appropriations Committee outlining concerns with the Financial Services and General Government (FSGG) Appropriations Act.

In addition to highlighting the “common-sense regulatory proposals” that passed as part of the Financial CHOICE Act, CUNA brought forth other concerns.

• It would place NCUA under the appropriations process. CUNA maintains that a separate, independent federal regulatory agency is critically important to the credit union system.
  “Credit unions and their members fund NCUA,” wrote CUNA President/CEO Jim Nussle. “Credit unions remain willing to support this funding mechanism because … credit union’s not-for-profit structure and their mission to promote thrift and provide access to credit for provident purposes are fundamentally different than other financial institutions and necessitates a regulatory scheme that understands those differences.”

 

continue reading »