Prior to its markup Tuesday, NAFCU joined with other trade associations Tuesday to write to House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Ranking Member Patrick McHenry, R-N.C., strongly supporting H.R. 5912, The Close the ILC Loophole Act. In the letter, the groups reiterated that industrial loan companies (ILCs) operate under an exemption in federal law that does not give them the same regulatory oversight as other financial institutions, and therefore “poses risks to the financial system and additional risks for consumers and taxpayers.”
NAFCU Vice President of Legislative Affairs Brad Thaler Tuesday wrote to the House Veterans’ Affairs Committee ahead of today’s hearing to voice the association’s support for the draft legislation, Building Credit Access for Veterans Act of 2022. This draft mirrors legislation introduced in the Senate last year (S. 1838).
NAFCU along with several trade associations earlier this week wrote to the Alliance for Telecommunications Industry Solutions (ATIS)/ Session Initiation Protocol (SIP) Forum NNI Task Force (Task Force), the governing body that regulates call network providers, urging for additional clarity when callers receive a SIP Code 603 notification.
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Total retail sales rose by 0.9 percent in April, following an increase of 1.4 percent in March and an increase of 1.7 percent in February. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
