WASHINGTON-Before leaving public life at the end of this congressional session, House Financial Services Ranking Member John LaFalce (D-N.Y.) told attendees of a luncheon at NAFCU’s Congressional Caucus that he plans to introduce a bill to ease certain credit union restrictions. NAFCU presented LaFalce with a resolution thanking him for all his hard work for the credit union community as a legislator. The out-going congressman said he realized the bill would not pass this Congress but hoped it would raise discussion for future efforts. When asked whom he had in mind to follow up on the bill, he glibly stated he had about 435 people in mind. Two items that credit unions are likely to rally around are easing of restrictions on community charter conversions and voluntary mergers. LaFalce also said the legislation would also help with adding underserved areas, allow broader latitude for member business lending, and expand credit unions’ ability to provide check cashing and wire transfers. However, LaFalce said some matters require stricter laws, such as thrift conversions and excessively permissive state regulation. He pointed out that colleges are “selling their souls to the highest bidder” for exclusive marketing privileges from credit card providers, which he said is wrong. Therefore, LaFalce’s legislation will also help credit unions better serve college students and initiate a code of conduct for those marketing to students. “I hope to leave you with a bill you will be able to discuss considerably in the future,” LaFalce concluded. [email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.