America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Committee (SBC) Wednesday ahead of its hearing with Treasury Secretary Janet Yellen to reiterate credit union priorities on cybersecurity, Community Development Financial Institutions (CDFI) certification, and more.
Nussle urged the committee to oppose granting the NCUA with third-party vendor authority, noting the NCUA can collaborate with the Treasury – and other stakeholders – to obtain relevant cybersecurity information. Rather than expand the NCUA’s authority, he recommended Congress direct the NCUA to use resources within Federal Financial Institutions Examination Council (FFIEC) or to compel other regulators to provide the NCUA with needed information to meet their needs without adding burdens for credit unions.
Additionally, Nussle highlighted the work of the CDFI Fund to overhaul its application but flagged various issues concerns about the legality of the request to require the collection of race and ethnicity data within certain target markets, and pointed out the CDFI Fund has not provided any additional support or clarity.
He concluded by noting that credit unions and CDFIs are best positioned to implement the Greenhouse Gas Reduction Fund and support green efforts due to their experience in lending and strong community ties.
Read the full letter. America’s Credit Unions will monitor the hearing and provide credit unions with any relevant information.