Credit Union National Association (CUNA) sent two letters to Capitol Hill this week, including those on Consumer Financial Protection Bureau (CFPB) reporting and loan maturity increases. Below please find details on the contents of each letter:
- Senate Banking Committee: “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress”
CUNA let a letter for the record of Director Kathy Kraninger’s testimony before the committee Thursday, which marks her first appearance as director. The trade association believes the CFPB should examine and modify its approach to rulemaking where necessary. The letter also reiterates the trade association’s support of a bipartisan, multimember commission to lead the CFPB. CUNA issued several credit union recommendations for the CFPB’s rulemaking agenda.
- Reps. Zeldin & Gonzalez: Letter supporting H.R. 1661
Longer maturity limits for federal credit union loans would allow credit unions to better service members. Reps. Lee Zeldin (R-N.Y.) and Vicente Gonzalez (D-Texas) introduced a bill, H.R. 1661 that would amend the Federal Credit Union Act to provide the National Credit Union Administration NCUA) with the flexibility to increase loan maturity limits for federal credit unions. One area that this change may impact is student lending. The ability to set a longer loan maturity for Federal credit union loans would provide student borrowers across the country with more opportunities for education that is more affordable both in the short and long term. Credit unions would also be able to better service loans for the agricultural sector and other businesses requiring significant cost of entry.
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