Sens. Padilla, Cramer introduce NAFCU-backed CLF bill

Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., have introduced S. 5183 that would continue Central Liquidity Facility (CLF) enhancements by allowing corporate credit unions to purchase CLF capital stock for a specific subset of members, rather than for all members, for the next five years.

NAFCU, trades call for closing ILC loophole

NAFCU and other trades wrote to the Senate Banking Committee (SBC) in support of the Close the Shadow Banking Loophole Act introduced Tuesday by Senate Banking Committee Chairman Sherrod Brown, D-Ohio, and Sens. Bob Casey, D-Pa., and Chris Van Hollen, D-Md. The legislation would close the industry loan company (ILC) loophole in current law, which the groups noted means ILCs are permitted “to control a full-service FDIC-insured bank without being subject to the same oversight and prudential standards or limitations” that exists for the rest of the financial system.

Warnock secures reelection in Georgia Senate runoff race

Incumbent Sen. Raphael Warnock, D-Ga., won reelection Tuesday in a runoff race against Republican challenger Herschel Walker. With Warnock’s win, Democrats have secured outright majority in the Senate 51-49. Warnock currently serves as chairman of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection.

Your NAFCU Holiday Gift: $300.00 Savings on Training!

Let us help you grow professionally and take your CU to the next level. Save on all NAFCU Conferences and online training subscriptions. Use code HOLIDAY for $300.00 off by 1/6/23. You can use the code as many times, and for as many people, as you want!

ICYMI: Reg E, BNPL, marketing to Gen Z, and more featured in Nov-Dec NAFCU Journal

Content from the November-December issue of The NAFCU Journal can be viewed anytime on the magazine’s virtual hub, with feature articles on several industry hot topics including Buy Now, Pay Later (BNPL) programs, Regulation E updates, and marketing to Generation Z.