LEAGUE OF SOUTHEASTERN CREDIT UNIONS

Advocated for policies impacting the broader banking system, payments, and financial regulatory framework, including: Loan Maturity Modernization: Supported Scott Fitzgerald's H.R. 4167, the Expanding Access to Lending Options Act, which would provide the National Credit Union Administration (NCUA) Board with authority to extend federal credit union loan maturity limits beyond the current statutory cap. Advocacy emphasized increasing flexibility to offer more affordable loan terms, improve access to credit, and better meet the long-term borrowing needs of members while preserving safety and soundness. Federal Home Loan Bank (FHLB) Membership - MORE Opportunities Act, HR 7647: Supported legislation to expand access to Federal Home Loan Bank membership for credit unions, improving liquidity options and strengthening the ability of community financial institutions to support mortgage lending, affordable housing, and community development. 21st Century ROAD to Housing Act: Supported enactment of the bipartisan housing package, including provisions to address housing affordability, expand access to mortgage credit, modernize regulatory requirements, support the formation of new credit unions, establish mentorship opportunities between larger and smaller institutions, and enact the Credit Union Board Modernization Act. Credit Union Board Modernization Act, S.522, (CUBMA): Supported legislation reducing the required number of annual board meetings for federal credit unions from 12 to a minimum of six, providing regulatory relief while preserving safety and soundness standards. Bank Secrecy Act (BSA) / CTR Threshold Modernization: Supported legislation to update and index Currency Transaction Report (CTR) thresholds for inflation, including H.R. 1799, the Financial Reporting Threshold Modernization Act. Advocacy focused on reducing outdated regulatory burdens while maintaining effective anti-money laundering (AML) safeguards. Credit Card Interest Rate Caps: Opposed legislative proposals to impose a federal cap on credit card interest rates (e.g., 10 percent cap), citing concerns regarding reduced access to credit for higher-risk borrowers and disruption of risk-based pricing in unsecured lending. Interchange / Credit Card Routing Mandates: Opposed proposals to expand interchange routing requirements to credit cards, including the Credit Card Competition Act. Advocacy emphasized the role of interchange revenue in funding fraud prevention, cybersecurity, and consumer protections, as well as concerns about increased fraud risk and limited pass-through savings to consumers. Durbin Amendment Threshold Indexing: Supported legislative efforts to index the asset threshold for interchange regulation under the Durbin Amendment to inflation to preserve exemptions for smaller financial institutions, including S. 3849, the Community Bank Relief Act. Fraud Prevention and Scam Mitigation (TRAPS Act): Supported legislative efforts to address financial fraud and scams, including H.R. 4936 and S. 2019 (TRAPS Act). Advocacy included promoting interagency coordination, enhanced data-sharing, and tools for financial institutions to detect and prevent fraudulent activity. Consumer Financial Data Access (Section 1033): Engaged on rulemaking under Section 1033 of the Dodd-Frank Act regarding consumer financial data access. Advocacy focused on data security, appropriate liability allocation, and cost recovery for financial institutions providing third-party data access.

Advocated for policies impacting credit unions and financial institutions, including: Community Development Financial Institutions (CDFI) Fund: Supported continued funding, deployment, and modernization of the U.S. Department of the Treasurys CDFI Fund to expand access to affordable financial services in underserved and rural communities. Advocacy included promoting timely distribution of appropriated funds and ensuring credit union eligibility for programs supporting small business lending, affordable housing, and community development. Loan Maturity Limits: Supported legislative efforts to modernize statutory loan maturity limits for federally chartered credit unions, including extending permissible loan terms for mortgage and commercial lending to better align with market conditions and improve access to long-term, affordable credit, including S. 3616 and H.R. 4167.Credit Union Board Modernization: Supported legislation to modernize governance requirements for federally chartered credit unions, including S. 522 and H.R. 975, to reduce mandatory board meeting frequency and provide operational flexibility while maintaining safety and soundness. Federal Home Loan Bank (FHLB) System: Engaged on policy discussions regarding credit union eligibility and participation in the Federal Home Loan Bank System, including H.R. 7647, the MORE Opportunities for Homeownership Act, to ensure continued access to liquidity and support for housing finance. CFPB Oversight and Reform: Engaged on issues related to the Consumer Financial Protection Bureau, including regulatory structure, rulemaking, and supervisory expectations, with an emphasis on ensuring regulations reflect the unique structure and mission of credit unions.