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| Markup falls short in addressing Credit Union Relief Needs |
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As the House Financial Services Committee prepares to mark up the Main Street Capital Access Act (H.R. 6955) Wednesday, America’s Credit Unions shared support of several key provisions, while calling for more to address credit union needs.
“The Main Street Capital Access Act is a good first step, but more needs to be done. Unfortunately, the bill falls short of what has been a hallmark of regulatory relief and modernization efforts in the Committee over the last couple of decades – parity in relief and modernization efforts for all types of community financial institutions – both community banks and credit unions,” the letter sent Tuesday reads.
H.R. 6955 contains several provisions strongly supported by credit unions, including:
• Legislation to allow greater flexibility in federal credit union board meeting requirements;
• Additional transparency and accountability for the Community Development Financial Institutions (CDFI) Fund;
• Require annual testimony from the CDFI Fund before Congress; and
• Measures to provide important modernizations, relief, tailoring, and flexibility for credit unions.
America’s Credit Unions led efforts on an amendment from Rep. Brad Sherman, D-Calif., to give credit unions parity with an H.R. 6955 provision providing relief for the formation of new banks and urged the committee to adopt it during the markup.
It also supports language to: extend the loan maturity limit for credit unions; expand options for credit union investments; increase member business lending flexibility; and make it easier for credit unions to join a Federal Home Loan Bank.
The markup is scheduled to begin at 10 a.m. Eastern and will be streamed live on the committee’s website.
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