WASHINGTON–Any new rules around protecting consumers from illegal robocalls and robotexts must not interfere with ensuring legitimate calls, such as those from credit unions, America’s Credit Unions told the House Energy and Commerce Subcommittee on Oversight and Investigations ahead of a hearing.
“Preventing erroneous blocking and mislabeling of legitimate calls and messages is essential in maintaining trust in our communications systems,” wrote America’s Credit Unions President/CEO Jim Nussle. “Credit unions, like other financial institutions, need reliable communication channels to serve their members effectively.”
Standardized Protocols
To help maintain legal communication and minimize unintended blocking or mislabeling for legitimate businesses, America’s Credit Unions said it supports developing and implementing standardized protocols.
“This includes Rich Call Data (RCD), which would enhance call authentication and provide consumers with clear, trustworthy information about where any communications originates,” the organization said.
Support for the CEASE Act
Separately ahead of House vote on a bill to cap the number of Small Business Lending Companies (SBLCs). America’s Credit Unions wrote to House leaders Wednesday urging their support for the Capping Excessive Awarding of SBLC Entrants (CEASE) Act (H.R. 2987).
Introduced by Rep. Rob Bresnahan (R-PA), H.R. 2987 would codify a cap on the existing number of SBLC licenses at 16.
“This encompasses the original SBLCs as well as additional SBLCs licensed in 2024 during the previous administration’s rule change,” noted America’s Credit Unions.
The bill also restores proper oversight capabilities to the Small Business Administration, while ensuring that credit unions and other federally regulated lenders remain a cornerstone of 7(a) lending.
“Credit unions are ready and willing to provide the capital to help small businesses grow. Improving access for the SBA’s credit union lending partners will help limit long term risk and ultimately benefit SBA lending programs,” wrote America’s Credit Unions President/CEO Jim Nussle. “Advancing the CEASE Act will help ensure a proper limitation on SBLC involvement.”
Powers for CUSOs
America’s Credit Unions said it is also encouraging the SBA to consider awarding SBLC licenses to CUSOs, as their investments are already regulated, capped and monitored under the Federal Credit Union Act.
“The letter points out that in contrast, most non-bank fintech lenders hold limited state licenses and do not face ongoing prudential supervision,” America’s Credit Unions said.
