Senator Padilla Continues CU Support, Co-Sponsoring Key Bill

Senators Alex Padilla (D-CA) and Catherine Cortez Masto (D-NV)
Senators Alex Padilla (D-CA) and Catherine Cortez Masto (D-NV)

Still in his first few months in office, Sen. Alex Padilla (D-CA) continues to express his long-term support for credit unions.

This week, he became the first official co-sponsor of S.762 by Sens. Catherine Cortez Masto (D-NV) and Tim Scott (R-SC). This bill raises the maturity limits for specific products for federally chartered credit unions. This is a leading priority for credit unions nationally as the industry seeks to modernize the federal charter.

The California and Nevada Credit Union Leagues are in talks with the remaining two senators from each state — Sens. Dianne Feinstein (D-CA) and Jacky Rosen (D-NV) — about joining as well.

State credit union leagues, as well as the Credit Union National Association (CUNA), continue to work on this bill and look forward to its introduction in the House. Senator Cortez Masto has been the credit union leader on this issue.

Unrelated but important, the House Financial Services Committee released its May schedule. The National Credit Union Administration (NCUA) and other federal financial regulators have been scheduled for their annual oversight hearing on May 19.

The Leagues will send a website link for the live hearing once further details are released.

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