CU Priorities on Record for Payday, Housing, Robocall, Other Hearings

CUNA wrote multiple letters to House and Senate committees and sub-committees Tuesday, ensuring credit union priorities were included in the record for hearings on housing, payday lending, illegal robocalls, regulatory guidance and international development.

CUNA also sent a letter in support of two House resolutions, H. Res. 327 and H. Res 328 which the House approved Tuesday. The former, which Rep. Bonnie Watson Coleman (ND-12) cosponsored, encourages greater public-private collaboration to promote financial literacy for students and young adults, while the latter supports the protection of elders through financial literacy (see related story).

Highlights of the letters CUNA sent Tuesday include:

  • “As Congress looks for solutions to the problems surrounding this nation’s increasingly limited housing stock, we hope that it will recognize the potential for credit unions to help alleviate the challenge by revisiting the arbitrary statutory cap that limits most credit unions to currently lending no more than 12.25% of their assets to businesses,” reads a letter sent to the House Financial Services Committee for its hearing on housing;
  • “Regarding the CFPB’s Payday Rule, CUNA continues to urge the Bureau to further examine and revise its rule to avoid any negative effects on credit unions’ ability to offer competitive short-term, small dollar loan programs while still holding accountable non-depository payday lenders, especially those entities with histories of bad behavior,” reads a letter to the House Financial Services sub-committee on consumer protection and financial institutions on payday lending;
  • “We urge the Committee to support the Federal Communications Commission’s unprecedented work to bring enforcement actions against illegal actors, while facilitating the ability of legitimate businesses to place valued and important calls to their customers using modern communications technologies,” reads a joint letter signed by CUNA and other organizations to the House Energy and Commerce sub-committee on communications and technology for its hearing on illegal automated calls.
  • A main source of funding for [the World Council of Credit Unions] has been the Cooperative Development Program (CDP) of the Development Assistance account in the State-Foreign Operations and Related Programs Appropriations bill. Congress has recently provided annual appropriations of $12,000,000…This year, we seek to increase the funding for these programs to $17 million,” reads a letter sent to the Senate Appropriations sub-committee on state, foreign operations and related programs for its hearing on the budget for the U.S. Agency for International Development.
  • “Not only does the [Consumer Financial Protection] Bureau have the authority to delegate the supervisory responsibilities for credit unions with more than $10 billion in assets to the NCUA, but it should do so based on credit unions’ deep history of consumer protection, the support this action has received from NCUA, the protections in the Dodd-Frank Act that preserve the Bureau’s authority, and the opportunity this action presents to reallocate supervisory resources to other critical Bureau priorities,” reads a letter sent to the Senate Banking Committee on regulatory guidance.