Credit union grassroots key with House committee meeting today

June 13, 2022

With the House Rules Committee meeting today to advance legislation to further empower credit unions, ICBA continues calling on community bankers to urge their lawmakers to oppose the bill.

Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to send in custom messages to their lawmakers opposing the Expanding Financial Access for Underserved Communities Act (H.R. 7003).

ICBA Letter: ICBA said in a letter to the panel last week that H.R. 7003 is a “poison pill” that would expand the fields of membership and commercial lending powers of tax-exempt credit unions without ensuring they serve low-income individuals.

House Markup: Meanwhile, ICBA is urging community bankers with representatives on the House Financial Services Committee to speak out on several bills the panel is set to consider tomorrow. ICBA offers a customizable action alert to help these community bankers express support for a bill to close the industrial loan company loophole and opposition to harmful overdraft, payments, and small-business restrictions.

More: In a Medium op-ed last week, ICBA President and CEO Rebeca Romero Rainey cited H.R. 7003 and wrote that Congress should join the growing number of states pushing back against credit union overreach.

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