POTUS signs $1.5 trillion omnibus spending package

The White House

President Joe Biden signed the massive 1.5 trillion omnibus spending package to fully fund the federal government into law Tuesday. Of note, the package includes the NAFCU-sought Credit Union Governance Modernization Act (CUGMA), which modernizes the Federal Credit Union (FCU) Act’s provisions related to member expulsion in order to keep credit unions, their members, and staff safe from illicit behavior.

The Senate voted 68-31 on Thursday to pass the legislation.

“NAFCU applauds President Biden for signing this important funding package, which contains substantial legislation aimed at strengthening the credit union industry,” stated NAFCU President and CEO Dan Berger. “This spending package grants protections and clear guidance for credit unions and their members who have endured hardships from the pandemic and has important support for programs like the Community Development Financial Institutions (CDFI) Fund.

“As we find ways to adapt to the changing economic landscape, the credit union industry remains steadfast in offering financial support for families and Main Street small businesses,” added Berger.


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