Removing Barriers Blog

Letter supporting H.R. 5315 & H.R. 4458 sent to House leadership
Posted January 15, 2020 by CUNA Advocacy

Earlier this week, CUNA wrote to Speaker Pelosi and Leader McCarthy in support of two bills prior to their consideration on the House floor.  Both bills passed the House Financial Services Committee with strong bipartisan support.

H.R. 5315, the Expanding Opportunities for Minority Depository Institutions Act 
If enacted, H.R 5315 would codify the Treasury Department’s mentor protégé program to encourage collaboration between Minority Depository Institutions and large financial institutions

“MDI credit unions represent and important way in which credit unions are fulfilling their mission by advancing financial inclusion and well-being for minority and underserved communities,” wrote CUNA President/CEO Jim Nussle. “Today, MDI credit unions represent approximately 10% of all credit unions and serve approximately 3.9 million members (representing 3% of all credit union members…[the Treasury’s mentor protégé program] represents a valuable resource for MDI credit unions because it offers an opportunity to bolster their sustainability.”

H.R. 4458, the Cybersecurity and Financial System Resilience Act
If enacted, H.R. 4458 would require federal regulators to each issue an annual report to Congress describing measures it has taken to strengthen cybersecurity.

”CUNA supports H.R. 4458, which would ensure the entire financial services sector has proper safeguards in place, and this effort should extend to the sectors’ regulators,” Nussle wrote.