Thank you to the GREAT Advocates who sent over 900 messages in three days to Senators Smith and Klobuchar to oppose the inclusion of the interchange amendment in the National Defense Authorization Act.
Senators Dick Durbin, D-Ill., Roger Marshall, R-Kan., and Peter Welch, D-Vt are expected to introduce this week an amendment to the Senate version of the FY2024 National Defense Authorization Act (NDAA).
Rep. Adam Schiff, D-Calif., has introduced H.R. 3928 which would increase the level of insurance for commercial deposits at banks and credit unions. Those institutions would be required to pay higher assessments in exchange for that increase in insurance.
The FDIC has recommended that the deposit insurance system be changed to increase the insurance level for transaction accounts. The current deposit insurance system may not be working well for accounts whose balances fluctuate frequently based on receipts, payments, payroll, and other transactions. CUNA issued a letter requesting that if Congress increases the deposit insurance for banks insured by the FDIC, it should do the same for credit unions insured by the NCUA. Members with accounts for their small and medium sized businesses that more frequently reach out to their community credit union for lending. These member businesses enjoy the service and stability of doing business with credit unions without added costs. The traditional model of fixed deposit insurance may not be the best way to insure such accounts currently under review by the agency as a result of recent bank failures. House Financial Services Chairman Patrick McHenry (R-NC) and House Republican have repeatedly expressed skepticism at about the need for increased insured account levels and action on this bill is unlikely at this point, but MnCUN staff will monitor any developments. The Minnesota Credit Union Network 2023 Legislative Session Summary is now available. This publication provides an overview of relevant legislation introduced this year and includes MnCUN's position on the legislation, the outcome, and its impact on credit unions.
U.S. Senator Dick Durbin (D-Ill.) introduced interchange legislation for the 118th Congress today - the Credit Card Competition Act. CUNA, Leagues, and credit unions strongly oppose the legislation, and kept it from moving forward in the last Congress. We are still waiting on the Bill numbers for both the House and Senate 2023 versions. Watch for an action alert and more information coming soon.
As grocers are visiting Washington, D.C. this week, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to Congress Monday that Credit unions urge members of Congress to oppose any legislation affecting the security and efficiency of the interchange system. Hike the Hill provides credit union representatives with an exciting opportunity to meet with federal legislators and talk about top issues that credit unions in Minnesota are facing. During Hike the Hill visits, credit union professionals and board members will meet with the entire Minnesota Congressional Delegation.
Hike the Hill will take place September 26 -28. Attendees should plan to arrive by early Tuesday afternoon, September 26 and prepared to meet for legislative and regulatory briefings at CUNA’s offices. Meetings with legislators will be scheduled throughout the day on Wednesday, followed by group activities in the evening. Assuming availability of staff and/or Board members, NCUA meetings will take place Thursday morning and attendees can plan to fly out by Thursday afternoon. Please provide the home address for each attendee in the registration for this event. Please contact Ryan Smith at rsmith@mncun.org with any questions. For lodging information and to register, visit the event page for Hike the Hill. Debt Ceiling Negotiations Update: The U.S House is expected to vote today on the proposed debt ceiling agreement reached with the Biden administration.
Commercial PACE Opportunity for Credit Unions: The Minnesota Commercial Property Assessed Clean Energy (C-PACE) program provides an opportunity for business owners to upgrade energy efficiency of their properties and pay for those improvements with the resulting energy savings. Additionally, the security from the tax assessment encourages banks and credit unions to purchase PACE loans, which revolves the funds quicker. The 2023 Minnesota legislative session ended yesterday and there were many bills that Minnesota Credit Union Network staff were following and working on through the course of the session.
Minnesota Legislative Update: The constitutional deadline for the Minnesota Legislature to adjourn is less than a week away and Minnesota Credit Union Network staff are watching as the two-year budget is formed and monitoring for the impact on credit unions.
Minnesota FMLA Bill Summary: The House (HF2) and Senate (SF2) FMLA bills have been passed by the House and Senate and are currently in a conference committee. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
May 2024
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