Posted September 19th, 2017 No Comments
CU Advocacy Protects CU Funds in Capitol Hill Victory

On September 13th, the U.S. House of Representatives voted to pass the Amodei Aguillar Amendment to H.R. 3354, the Financial Services and General Government appropriations bill, which struck language that would have placed the National Credit Union Administration (NCUA) under the appropriations process.  The passage of the amendment was a great victory for the credit union system and advocacy efforts on Capitol Hill.

Advocacy efforts began in early June when League staff reached out to Congressman Fortenberry’s office on the issue as he serves on the Appropriations Committee in the House.  Further efforts continued at the League’s Hike the Hill and most recently the days leading up to the critical vote on the amendment.  We voiced our deep concern that if the language that placed the NCUA under the appropriations process remained in the bill that it would equate to a hidden tax on credit unions because credit unions alone fund the operations of the NCUA as well as the federal insurance fund.  “It was important that Congressman Fortenberry all of our Nebraska Congressmen were up to speed on how the NCUA is funded and that we strongly opposed placing our prudential regulator in appropriations for the simple fact that Congress could then syphon off funding from the NCUA to pay for any other federal program or project with funds paid by credit unions.  The funds that credit unions pay into the NCUA should be protected to ensure they go towards the safety and soundness of credit unions and not be diverted for any other purpose” said Brandon Luetkenhaus, NCUL government affairs director.

The amendment was agreed to and H.R. 3354 was ultimately passed by the House days later.  We want to thank Congressman Fortenberry for his support as well as Congressman Bacon and Congressman Smith.

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