Sen. Warner, Rep. Houchin talk credit union support at GAC

Sen. Mark Warner, D-Va., and Rep. Erin Houchin, R-Ind., addressed the Governmental Affairs Conference (GAC) from the main stage Wednesday.

Warner told attendees he’s on “the right side of the interchange issue,” and spoke about his support for Community Development Financial Institutions (CDFIs) and the importance of making sure credit unions can access the program during his remarks.

Warner, who chairs the bipartisan Senate Community Development Finance, said he was proud of the work put into the recently updated CDFI Certification Application.

“My hope is we got it right, but I know one thing about credit unions: you’re never shy. So if we didn’t get this right in terms of process for certification, grace period, not putting barriers in front of institutions to become CDFIs, I would hope we get your input,” he said.

Warner added that he’s spent a lot of time researching AI, and asked credit unions for similar input on developing AI policies and legislation if needed.

Rep. Erin Houchin, R-Ind., a member of the House Financial Services Committee, emphasized the importance of community-based financial institutions in her own life, as she and her husband got a loan local financial institution to launch their small business.

She also pledged to push back against regulatory overreach, especially at the CFPB. She specifically noted her opposition to the CFPB’s overdraft proposal.

“While it claims to target large institutions with exemptions for smaller ones, the spillover effects of this regulation could be devastating. We have to preserve diversity in our financial options for consumers, I’m dedicated to fighting for policies that do this,” she said. “I know the important role that credit unions play and small institutions have in communities like mine in Southern Indiana. Your credit unions are closest to the community, you provide priceless resources and opportunities.”

She said her focus will remain on, advancing policies that help credit unions, “including establishing a nationwide data privacy standard, providing for regulatory clarity in things like digital assets and payment stablecoins, and finally, dialing back the bureaucracy.”

America’s Credit Unions’ 2024 GAC concludes today with attendees continuing to meet with lawmakers directly on Capitol Hill. Nearly 6,000 credit union advocates came to Washington, D.C., this week for the first time as America’s Credit Unions to tout the credit union difference and elevate industry priorities.

Access coverage from the full event online, or by following #GAC2024 on social media.

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