This Week in Credit Union Legislative News
The Senate Banking Committee continues to move forward with the confirmation process for John Crews, President Trump's nominee to serve on the National Credit Union Administration (NCUA) Board. During his confirmation hearing last week, Crews outlined several priorities, including reducing unnecessary regulatory burden, supporting smaller credit unions, encouraging the formation of de novo credit unions, and ensuring the agency remains focused on its core mission of promoting a safe and sound credit union system.
Crews' nomination now awaits a vote by the Senate Banking Committee before advancing to the full Senate for confirmation. Cornerstone will continue monitoring the nomination process and provide updates as it progresses.
The bipartisan 21st Century ROAD to Housing Act remains pending before President Trump after receiving final approval from Congress. Although the bill has not yet been signed into law, House leadership has indicated it will still be transmitted to the president for final consideration.
The legislation includes several provisions supported by America's Credit Unions and Cornerstone, including measures to modernize credit union governance, encourage the formation of new credit unions, and expand mentorship opportunities for minority depository institutions and small credit unions. If enacted, the legislation would represent one of the most significant federal credit union modernization packages considered in recent years.
The U.S. Supreme Court ruled in Trump v. Slaughter that the president has the constitutional authority to remove officials serving on independent federal agency boards, reversing decades of precedent regarding removal protections. The decision is expected to conclude the legal challenge brought by former NCUA Board Members Todd Harper and Tanya Otsuka following their dismissal earlier this year.
Cornerstone continues to support a strong, independent NCUA led by a full three-member board. Cornerstone has not taken a position on the president's removal authority, recognizing that the issue was appropriately resolved by the courts. With that question now settled, Cornerstone encourages the administration to nominate qualified individuals to fill the board's two vacant seats so the agency can continue carrying out its important work on behalf of the nation's credit unions.
Congress is expected to adjourn this week for the Independence Day district work period before returning later this month. The recess provides an opportunity for lawmakers to meet with constituents in their home states before resuming legislative business in Washington.
Attention will soon shift to Hike the Hill, scheduled for July 21-23, when credit union leaders from across the country will travel to Washington, D.C., to meet directly with members of Congress and federal regulators. The annual advocacy event provides an important opportunity to discuss legislative priorities, strengthen relationships with policymakers, and reinforce the vital role credit unions play in improving the financial well-being of the members and communities they serve.
As Congress returns following the holiday recess, Cornerstone will continue advocating for policies that reduce regulatory burden, strengthen the credit union charter, and advance the industry's legislative priorities.
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