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In June, the House Appropriations Subcommittee on Financial Services and General Government passed its Fiscal Year 2018 Appropriations Bill by a voice vote. The bill included language putting federal banking regulators, including the NCUA, under the appropriations process. This legislation was then passed by the full Committee in the middle of July.
CUNA expressed concerns with the appropriators about this language that would diminish the independence of the NCUA, as well as the high probability of credit unions paying more than they do now to fund NCUA operations and examinations. Parliamentary hurdles in the full Appropriations Committee markup prevented Rep. Mark Amodei (NV) from pushing his amendment that would have stricken Section 906, placing NCUA under appropriations, from the bill. FSGG Chairman Tom Graves and Rep. Amodei engaged in a colloquy during the markup in which Mr. Amodei offered and then withdrew his amendment with the understanding that he and Chairman Graves would work together to have the provision removed before the bill came to the House floor. Unfortunately, the provision was not removed from this bill and will be considered this week as part of an eight bill appropriations package.
CUNA opposes bringing the NCUA under the appropriations process, because the money that funds the NCUA comes solely from credit unions and their members, not the taxpayers in general. Earlier this morning, CUNA sent a letter to Representative Mark Amodei and Representative Pete Aguilar in support of their amendment to strike Section 906 of Division D of H.R. 3354, the D the Department of the Interior, Environment, and Related Agencies Appropriations Act for Fiscal Year 2018. If passed, their amendment would strike the language that would bring the NCUA under the appropriations process.
Maintaining a separate, independent federal credit union regulator and insurer is critically important to the credit union system, and the structural and mission-driven differences between credit unions and banks necessitate such a regulatory scheme. Credit unions' not-for-profit structure and their mission to promote thrift and provide access to credit for provident purposes are fundamentally different than other financial services providers.
CUNA thanks Representatives Amodei and Aguilar for their leadership on this amendment and will urge Members of the House of Representatives to pass this amendment as written and remove Section 906 from the final bill.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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