Removing Barriers Blog

Letter sent to Senate Appropriations re: FY2021 appropriations bills
Posted November 19, 2020 by CUNA Advocacy

 Earlier this week, CUNA wrote to Chairman Shelby and Ranking Member Leahy regarding the Committee’s release of twelve fiscal year 2021 appropriations bills.  Credit unions have interest in several programs and report language included in these bills and as we continue to endure the COVID-19 pandemic and ensuing economic crisis, adequate funding for key programs is essential.

As the House and Senate move to reconcile their positions on these funding levels, I respectfully urge you to fully fund these three critical programs.

  • Community Development Financial Institutions Fund (CDFIF)
  • Community Development Revolving Loan Fund (CDRLF)
  • Cooperative Development Program (CDP)

The House-passed Financial Services and General Government appropriations bills includes report language to which we offer the following views:

Payments Security

Credit unions strongly support the enactment of a national data security and data privacy law that includes robust security standards that apply to all who collect or hold personal data and is preemptive of state laws. We firmly believe that there can be no data privacy until there is strong data security.

Hemp Banking

We appreciate language in the House-passed Financial Services and General Government Appropriations bill that prohibits funding from being used to penalize a financial institution for providing service to hemp-related businesses.

Postal Banking

We have deep reservations regarding language in the report accompanying the House-passed Financial Services and General Government Appropriations bill that encourages the United States Postal Services to carry out pilot programs to expand its postal banking services. America’s credit unions were created to promote thrift and provide access to credit for provident services. Rather than relying on the postal service to enter a complicated and highly regulated market, Congress ought to encourage and facilitate credit unions expanding service to more Americans.