Following the passage of H.R. 22 in the Senate, President/CEO of the Credit Union National Association (CUNA) Jim Nussle issued a statement:
“This is a huge victory for credit unions and the over 100 million credit union members CUNA represents. H.R. 22 includes several key CUNA-backed provisions that will soon be signed into law by President Obama to help remove barriers for credit unions to better serve their members. CUNA has long supported modernizing privacy notification requirements, allowing privately insured credit unions to become members of the Federal Home Loan Bank (FHLB) system and directing the CFPB to establish a process for determining whether an area should be designated as rural which could impact the products credit unions offer.”