Credit Union Field of Membership Bill Passes House
Yesterday, the House of Representatives passed H.R. 2543 - Federal Reserve Racial and Economic Equity Act on a near party line vote. The bill is a package of a dozen provisions, including a credit union bill, H.R. 7003 - Expanding Financial Access for Underserved Communities Act.
The provisions from H.R. 7003 would:
- Allow all federal credit unions to add underserved areas to their field of membership.
- Exempt business loans made by credit unions in underserved areas from the credit union member business lending cap.
- Expand the definition of an underserved area to include New Markets Tax Credit areas and any area that is more than ten miles from the nearest financial institution branch.
Republican opposition to the package did not center on the credit union provisions and, in fact, with a bipartisan vote, the House agreed to an amendment recognizing that allowing credit unions to serve underserved areas doesn’t impact community banks. Rep. Tom Tiffany (R-Hazelhurst), Rep. Ron Kind (D-La Crosse), Rep. Mark Pocan (D-Town of Vermont), and Rep. Gwen Moore (D- Milwaukee) voted in favor of the amendment.
CUNA Letter to Congressional Leadership on H.R. 2543 >>
CUNA and state leagues now turn to the Senate to develop a strategy to pass H.R. 7003 – likely in a different form than the H.R. 2543 package.
Activists Meet With Congressman Pocan at Credit Union House
Last week, Credit Union Activists met with Congressman Mark Pocan (D- Town of Vermont) for a luncheon at Credit Union House in Madison.
The Congressman discussed his service on the House Committee on Appropriations, the divisiveness in American politics and how to navigate it, and what he's hearing from the district - including concern over inflation and microchip shortages.
Activists additionally contributed over $7,500 to the Congressman's campaign from individual donations and CULAC, credit unions' federal level political action committee (PAC).
Use this summer and fall to schedule meetings with your local legislators, to initiate or strengthen working relationships – or consider attending a fundraiser!
Contact Tom Harrington for events in your area or help setting up local meetings with your legislators.
Credit Union Friendly Candidates Seeking CU Conduit Support
The credit union friendly candidates are seeking support from Members' Conduit Account holders.
Authorize a contribution from your Conduit Account >>
Learn more about Members' Conduit Accounts >>
Open a personal Conduit Account >>
Throughout the summer and fall, The League will update the Conduit Authorizations Page to list key candidates seeking support and upcoming fundraisers throughout the state. Check back regularly for updates!
Wisconsin Update: CULAC's $30 by the 30th Campaign
Halfway through CULAC's $30 by the 30th campaign, Wisconsin credit union Activists raised $420 of the $3,000 goal.
If you are an Activist with a signed permission agreement at your credit union, be on the lookout for your email invitations to donate!
Unsure if your credit union has a signed permission agreement? Contact Tom.