CUNA engages lawmakers on beneficial ownership, DEI and housing appraisals
WASHINGTON, DC (June 20, 2019) — Credit Union National Association (CUNA) sent letters to Congress today ahead of the Senate Banking Committee hearing on beneficial ownership, House Financial Services Committee hearing on diversity, equity and inclusion (DEI), and the Subcommittee on Housing hearing on appraisals.
- Credit unions support efforts to track money laundering and terrorist financing, but also believe it is important to strike the right balance between the compliance costs and benefits to the federal government. CUNA is encouraged by draft legislation the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act This draft bill addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework. Read the letter in full here.
- CUNA notes that credit unions lead the way when it comes to Minority Depository Institutions (MDIs), where the majority of board members and current and potential membership are minorities. Despite field of membership restrictions, credit unions have three times as many MDIs as banks (536 credit unions, 149 for banks) and MDI credit unions’ share of total assets is three times as large as MDI banks. Advancing DEI is an explicit priority of credit union leadership. Read the letter in full here.
- Appraisals play a critical role in the home purchase process and a credit union’s assessment of the safety and soundness of providing a home loan. The Homebuyer Assistance Act of 2019 would increase uniformity in the federally-backed mortgage loan market by ensuring that the Federal Housing Administration’s appraiser requirements are identical to those currently employed by Fannie Mae and Freddie Mac concerning licensed appraisers. As a result, credit unions would be able provide members with more choices for federally-backed loans without having to worry that an appraisal will not satisfy a program’s requirements due to their differing appraiser certification standards. Read the letter in full here.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.