NAFCU, in 2nd Hill testimony, to talk ‘de-risking’ challenges, offer suggestions

NAFCU witness John Lewis, senior vice president of corporate affairs and general counsel at United Nations Federal Credit Union (Long Island City, N.Y.), will share with a House subcommittee today how his credit union balances the risks that come with serving more than 127,000 members around the globe while providing them with safe and sound financial services. This will be NAFCU’s second time testifying on Capitol Hill this year.

Lewis is testifying today before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit during the hearing “International and Domestic Implications of De-Risking,” which is slated to begin at 2 p.m. Eastern.

De-risking is the practice of limiting certain services or ending a customer relationship to avoid perceived regulatory concerns about facilitating money laundering or other related risks. As the committee discusses this practice today, Lewis will explain the importance of ensuring any legislative or regulatory actions taken on de-risking do not negatively impact the industry or its service to the nearly 113 million credit union members. He will explain that the credit union’s unique membership – with some members that are all over the world – coupled with its vendor relationships, gives United Nations Federal Credit Union (UNFCU) a “strong understanding of the challenges from both sides of the de-risking issue.”

 

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