WASHINGTON– The League of Credit Unions & Affiliates and representatives of some of its member credit unions met at the White House with the Office of Management and Budget (OMB) to discuss federal financial regulation, including developments CFPB and the future of the Community Development Financial Institutions (CDFI) Fund.
The League said it proactively engaged OMB to ensure the credit union perspective is reflected in conversations shaping the regulatory framework and the future of the CDFI Fund.
“During the meeting, The League emphasized that credit unions are not-for-profit, member-owned institutions directly accountable to the consumers they serve,” the organization said. “Representatives shared OMB’s commitment to accountability and responsible oversight, noting that well-calibrated regulation should reflect the cooperative, consumer-first model of credit unions.”
The meeting also led to conversations on potential changes at the CFPB, where The League encouraged thoughtful modernization, strong consumer data protection, and appropriate tailoring of rules, according to the League.
Review ‘Appreciated’
“We appreciate OMB’s careful review of financial regulation and federal programs and assured them that credit unions share that same commitment to accountability and responsible stewardship,” Samantha A.M. Beeler, president of The League of Credit Unions & Affiliates, said in a statement. “Our institutions are consumer-first by design, and regulatory approaches should reflect that cooperative structure.”
The League said it also highlighted the importance of the CDFI Fund, noting that 46 CDFIs within The League’s four-state footprint (Florida, Georgia, Alabama and Virginia) rely on the fund to expand access to credit in rural and underserved communities, supporting $5.2 billion in lending to local businesses and $17.78 billion in community mortgage lending that helps expand affordable homeownership and strengthens local economies, the League said.
How CUs Deploy CDFI Funds
“Credit unions are among the largest participants in the CDFI Fund, and we see firsthand how these dollars expand affordable homeownership, strengthen small businesses, and create economic opportunity in rural and underserved communities,” Ibby Dickson, manager of federal advocacy at The League, said in a statement. “Ensuring timely deployment of appropriated funds is critical to advancing affordability and allowing community-based lenders to continue meeting the needs of families who rely on us most.”
