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“Sending their own version of a comment letter is one of the strongest tools for members of Congress,” said Jeremy Empol, vice president of federal government affairs for the California and Nevada Credit Union Leagues. “When legislation is not an option, members of Congress joining together to raise concerns is a pretty common practice, which in turn demonstrates to regulators that Congress is doing its job and carefully watching.”
The letter is currently being drafted while additional signatures from members of Congress are gathered. Typically, between two and 200 legislators will sign such a letter.
Specific concerns outlined in this letter address: 1) the disparity in the rule between how community-based financial institutions are treated; and 2) the implementation time for the rule to go into effect.
The Leagues and Credit Union National Association (CUNA) will announce the final letter when it is completed sometime before the comment period closes.
As the letter moves through the process, the Leagues may be calling on various credit unions that have key relationships with member of Congress to ask for their support.
If you have questions, please contact Jeremy Empol at firstname.lastname@example.org.
Credit unions are encouraged to send their own comments letters through PowerComment.org, the Leagues’ regulatory grassroots tool. Comments are due to the NCUA by May 28.