Removing Barriers Blog

Letters in Support of Overtime Rule Delay and Consumer Credit Hearing
Posted September 30, 2016 by CUNA Advocacy

The last week of Congressional activity before the election was an eventful one, and we sent two separate letters to leaders in the House of Representatives on two important credit union issues. 

One of these letters was sent to House Speaker Paul Ryan and Minority Leader Nancy Pelosi in advance of a full House vote to delay the Department of Labor (DOL) Overtime regulation by six months.  This bill passed the House 246-177 yesterday, and Senator James Lankford (R-OK) introduced a Senate version that we hope will be put up for a vote in the lame-duck session of Congress after the November elections 

The other was a letter to House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit Chairman Randy Neugebauer and Ranking Member Lacy Clay. That letter expressed support for the subcomittee's hearing this week on “Examining Legislative Proposals to Address Consumers Access to Mainstream Banking Services.  

In that hearing, Committee Chairman Neugebauer (R-TX) praised bipartisan support for eased access of consumer access to banking services. Ranking Member Clay (D-MO) noted he looked forward to exploring ways to address the ten million “unbanked and underbanked” Americans, and briefly explored the problem of credit invisible individuals—particularly in communities of color. 

Rep. Ed Royce (R-CA) stressed the importance of consumer access to credit. He highlighted his bipartisan bills, the H.R. 347, the Facilitating Access to Credit Act of 2015 and H.R. 4211, the Credit Score Competition Act of 2015.  

It has long been our position that ensuring the accuracy of consumers credit scores is critically important to ensuring consumers are able to access credit on safe and affordable terms. We are glad the Subcommittee took time in this hearing to examine legislation to advance this objective.