NAFCU advocacy team shares CU priorities with new Congress
NAFCU’s advocacy team was on Capitol Hill Tuesday as the 118th Congress convened to talk with new and returning members about credit union priorities. Of note, the team met with a number of offices including Reps. Andy Barr, R-Ky., Josh Gottheimer, D-N.J., Madeleine Dean, D-Pa., Maxine Waters, D-Calif., Nydia Velázquez, D-N.Y., Andrew Garbarino, R-N.Y., and Young Kim, R-Calif, among others.
Congressional committee assignments will be finalized once leadership positions are determined; Republicans have majority in House committees and Democrats have majority in Senate committees. Barr, Dean, Velázquez and Gottheimer are expected to continue serving on the House Financial Services Committee, where Waters is slated to remain ranking member, and Velázquez, Gabarino, and Kim are likely to return to the House Small Business Committee. The vote for House speaker continues after Rep. Kevin McCarthy, R-Calif., failed to reach the 218 votes needed to secure the post on initial ballots.
With the leadership of the NAFCU Board of Directors, the association launched its 2023 advocacy priorities ahead of the Hill meetings – focused on credit union growth, regulatory relief, technology and innovation, data protection, and a fair market.
The credit union industry ended 2022 with several key wins, as NAFCU-opposed provisions related to interchange and expansion of NCUA third-party vendor authority were kept out of end-of-year legislation. Throughout the year, NAFCU and credit union advocacy efforts secured bipartisan support needed to pass the Credit Union Governance Modernization Act, defend against big bank-supported policies intended to curtail credit union competition, and increase funding for the CDFI Fund.
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