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| Barr reaffirms Support for Credit Unions during Markup |
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The House Financial Services Committee Wednesday marked up the Main Street Capital Access Act (H.R. 6955). Ahead of the markup, America’s Credit Unions sent a letter to committee leadership highlighting the legislation was a good first step, but that more needs to be done to ensure parity for all types of community financial institutions.
As previously reported, America’s Credit Unions led efforts to include an amendment from Rep. Brad Sherman, D-Calif., that would give credit unions parity with an H.R. 6955 provision providing relief for the formation of new banks.
While Sherman introduced the amendment during the markup, the amendment did not ultimately receive a vote. Discussion of the proposal prompted a commitment from House Financial Services Financial Institutions Subcommittee Chair Andy Barr, R-Ky., to continue working with credit unions on legislative priorities affecting the industry.
“I acknowledge and agree with the gentleman that credit unions play an important role in the diversity of our financial ecosystem, and I am happy to continue to work with you and your staff to address credit union issues, whether that’s evaluating legislative proposals or potential hearings,” Barr said during a colloquy following Sherman’s introduction of the amendment.
The letter sent to the committee prior to the markup highlighted that the legislation is a good first step, but noted, “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.”
America’s Credit Unions will continue engaging lawmakers as Congress considers legislation affecting community-based financial institutions, urging policymakers to ensure credit unions receive equitable treatment in policies intended to support local financial services and access to capital.
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