House preserves NCUA independence, passing Amodei-Aguilar Amendment to HR 3354
Wednesday, September 13, 2017
Posted 9/7/2017 2:20 p.m.
Updated 9/13/2017 6:20 pm
By voice vote late Wednesday, September 13, the U.S. House of Representatives passed the Amodei-Aguilar Amendment to HR 3354, the Financial Services and General Government Appropriations Act for FY 2018. The Amodei-Aguilar Amendment strikes a provision that would have put the National Credit Union Administration (NCUA) under the appropriations process.
The Carolinas Credit Union League and CUNA acted quickly on learning of the provision last week, calling on advocates to speak out in support of the corrective amendment. Subjecting the NCUA to the appropriations process would have eroded the agency's independence and raised the probability that credit unions would pay more to fund NCUA operations and exams.
"We thank you for listening to credit unions' pleas to not 'fix' an agency that is not broken--namely the NCUA," League President and CEO John Radebaugh wrote to delegation members Wednesday evening. "While no regulator is perfect, our regulator and insurer weathered the financial tsunami of 2008 because of its independence and sound insurance program."
Radebaugh further recognized that despite the contentious nature of the issue, delegation members listened to credit unions and responded to keep the NCUA independent.
Advocates took action beginning Thursday, September 7, customizing template messages for delivery via the League's Grassroots Action Center, which is activated on an as-needed basis.