Chairwoman Maxine Waters Steps Up for CUs on NCUA Rule

House Financial Services Committee Chairwoman Maxine Waters

Last week, the National Credit Union Administration (NCUA) took the necessary steps of supporting an interim final rule to address large deposit growth and stimulus check payouts. The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) had engaged both the NCUA Board and prominent elected officials in Congress in an effort for them to take action.

More specifically, the Leagues have been in regular contact with House Financial Services Committee Chairwoman Maxine Waters and her team on this and many other issues.

This issue was also highlighted during the Leagues' portion of CUNA's virtual Governmental Affairs Conference (GAC) earlier this year in a meeting between League members and the chairwoman. During that meeting, she committed to taking action to aid in a resolution.

Following the NCUA’s announcement last week, the chairwoman’s team communicated to the Leagues that she had discussed the issue directly with NCUA Board Chairman Todd Harper (net worth ratio issues and stimulus check deposits) before the NCUA's announcement. Waters stated she was pleased on behalf of credit unions and their members, and she thanked the Leagues and its member credit unions for flagging the issue and providing background, context and information.

The Leagues and its member-credit union leaders appreciate the relationship it has with Waters, especially leaders from Kinecta FCU, SchoolsFirst FCU, Wescom CU, California CU, and USC CU.

"We applaud the chairwoman’s efforts," said Jeremy Empol, vice president of federal government affairs for the Leagues. "We are working on further initiatives with her to continue helping credit unions change people’s lives."

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