Two pieces of credit union legislation were introduced Thursday by House Financial Services Ranking Member Maxine Waters, D-Calif.

America’s Credit Unions supports the Central Liquidity Facility (CLF) Enhancement Act (H.R. 10510). The bill would make permanent the temporary reforms to NCUA’s CLF that were in place during the pandemic, designed to give small credit unions easier access to emergency liquidity through the CLF in a crisis.

These authorities expired in 2021, and America’s Credit Unions—along with lawmakers from both parties—have called on Congress to make those reforms permanent to help ensure continued liquidity of the credit union system beyond the pandemic.

This language passed the House as an amendment in the FY2023 National Defense Authorization Act but was not ultimately enacted.

Another bill, the Expanding Financial Access for Underserved Communities Act (H.R.10511), would allow credit unions to expand fields of membership under certain circumstances, but America’s Credit Unions has concerns regarding new provisions related to requirements for large credit unions that add underserved areas.  

The organization will further analyze the legislation and engage with policymakers on ways to allow credit unions to reach more underserved populations without additional regulatory burdens.