WASHINGTON–America’s Credit Unions has sent a number of letters to policymakers in Washington across a number of issues.
The letters include:
In its letter on de novos, which was written with input from the. Cornerstone Credit Union League, America’s Credit Unions said it recognizes NCUA’s recent focus on de novo credit union issues, including the new Phase 1 system for charter applications, and that its recommendations are intended to make the charter process clearer and more workable for organizing groups.
Those recommendations include:
Chartering Process Improvements
- Make the Provisional Charter Program Permanent
- Clarify Review Timelines
- Improve the Deferral Process
- Assign a Clear Point of Contact
- Provide Application Status Tracking
- Expand Early Consultation
- Develop Startup Templates and Tools
Capital and Liquidity
- Review Startup Capital Barriers
- Review Subordinated Debt Flexibility
- Review Nonmember Share Flexibility
- Clarify LID and CDFI Pathways
- Align Grant Support With De Novo Needs
Charter Preservation Options
- Create a Charter Preservation Pathway
Startup Support
- Provide Early Operational Support
- Encourage Mentors and Sponsor Support
- Review Viability Assumptions
Data and Accountability
- Publish Better De Novo Data
Senate Banking Committee Letter on John Crews
In a letter sent ahead of today’s Senate Committee hearing where members will vote to send John Crews’ nomination to the NCUA board to the Senate floor, America’s Credit Unions notes Crews’ current role as Treasury deputy assistant secretary for financial institutions policy and highlights his previous experience:
“[W]e have seen Mr. Crews continue as a thought leader on critical regulatory reform for credit unions and community financial institutions across the country” during his time at the Treasury, the letter states.
The letter notes, as the CU Daily has reported, Crews also served as staff director for the Senate Banking Subcommittee on Securities and Insurance, special advisor for economic policy to the president, policy director for the Senate Banking Committee, and policy advisor to the House Majority Leader Steve Scalise (R-LA).
“Confirmation of Mr. Crews would provide stability at the NCUA while legal questions surrounding two board seats remain under judicial review and Chairman Kyle Hauptman continues to serve following the expiration of his term in August 2025,” the letter states. “The Committee has always held a strong commitment to robust leadership at our financial regulators, and the timely confirmation of Mr. Crews will continue that trend.”
Senate Banking Committee Letter on Brian Johnson
America’s Credit Unions also sent a letter ahead of same hearing where Crews’ nomination will be voted on, Brian Johnson will testify before the Committee on his nomination to serve as CFPB director; no vote is scheduled yet to advance his nomination.
The letter outlines recommendations the CFPB should take should Johnson be confirmed as director, including:
- Focus on bad actors and unregulated nonbank lenders
- Use its statutory exemption authority to exempt credit unions from regulations aimed at addressing misconduct by other industry bad actors
- Prioritize compliance with the Administrative Procedure Act (APA) and ensure a transparent and participatory approach to rulemaking
- Increase usage of cost-benefit analysis
- Provide clear regulatory standards, under the unfair, deceptive, or abusive acts or practices (UDAAP) standard.
