Support letters from CUs on FSGG and Jobs Act
WASHINGTON, DC (July 17, 2018) — The Credit Union National Association (CUNA), along with other financial trade associations, sent two letters to House Speaker Paul Ryan and Democratic Leader Nancy Pelosi in support of several bills on the House floor this week.
- Financial Services and General Government (FSGG): In a joint letter with the American Bankers Association (ABA), the Independent Community Bankers of America (ICBA), and the National Association of Federally Insured Credit Unions (NAFCU), CUNA is urging the adoption of an amendment to prohibit the U.S. Postal Service from providing banking services. While the trade groups strongly support the Postal Service, the consensus is that providing banking services goes beyond their core competencies and will raise a number of serious regulatory and consumer protection questions, and present significant competitive issues for private sector entities. The letter urges Congress to consider legislation that would reduce costs and increase efficiencies to create a sustainable financial path for the U.S. Postal Service.
- JOBS and Investor Confidence Act of 2018: CUNA sent this letter to express support of the House Amendment to S. 488, which would delay the risk-based capital rule recently finalized by the National Credit Union Administration (NCUA). There are growing concerns from credit unions across the country on whether NCUA has legal authority to impose the risk-based capital requirements. Credit unions also have significant concern with the additional regulatory burden imposed by these standards, and question whether the cost is justified. CUNA draws on their data analysis to support these claims.
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.