This week, the House Financial Services Committee will conduct a hearing titled “Make Community Banking Great Again.” The hearing is at the personal behest of committee Chairman French Hill, R-Ark., a former community banker, who made reforms and relief in community banking a central focus of his campaign for the chairmanship. Hill has also engaged with credit unions on their priorities, including speaking at last year’s Governmental Affairs Conference.  

Three bills to be covered at the hearing have bank-specific provisions, and four impact credit unions, including improving examination processes, providing greater clarity on and repealing portions of the CFPB’s small business data collection rule, and disapproving of the CFPB’s recent final rule on overdraft programs. America’s Credit Unions has been vocal that credit unions must be included in any final reform package.

America’s Credit Unions and leagues have been working collaboratively with Hill’s office to ensure credit union priorities are top of mind including:

• Credit union board modernization;
• Making it easier for credit unions to join a Federal Home Loan Bank;
• Extending credit union loan maturities;
• Providing additional member business lending relief;
• Expanding credit union investment options; and
• Providing greater flexibility for the credit union usury cap.

“We appreciate working with the House Financial Services Committee on legislation to strengthen consumers' financial well-being, including related to small business lending and CFPB accountability. However, we are disappointed the committee is tackling unique community banking issues and considering bills without including a credit union voice and legislation specific to the credit union industry. Our industry is committed to serving more than 140 million Americans and Main Street small businesses, and we look forward to continued credit union engagement with Chairman Hill and other members of the committee to ensure the credit union voice is heard,” said  America’s Credit Unions Chief Advocacy Officer Carrie Hunt and Cornerstone League EVP/Chief Advocacy Officer Jim Phelps in a statement.