Modernizing the Federal Credit Union Act
Impact
The Credit Union Membership Access Act was passed in 1998. Since then, the world has changed significantly and the Federal Credit Union Act and the regulations have not been updated to keep pace with technology and how consumers access financial services. The current charter framework available to credit unions is not sufficiently flexible and empowering to maximize the potential benefit to its members and the societal impact.
Where We Stand
CUNA supports and encourages congressional efforts to enhance and modernize the Federal Credit Union Act to ensure continued access to credit for America's businesses and consumers.
Related Issues
Retaining Local Financial Access
Credit unions provide financial services in communities facing consolidation or financial deserts.
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Field of Membership
CUNA was actively engaged in the rulemaking process and has continued to be active during the second proposed rule.
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Capital Requirements and Authority
During the financial crisis, everyone learned the importance of capital. However, credit unions have restrictions on sources of capital and can only count retained earnings towards mandated requirements.
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State and Local Tax Status
Credit unions are democratically owned and controlled not-for-profit cooperative financial institutions, exempt from state income tax.
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