WASHINGTON — Credit unions and banks work together in their communities, and if they could elevate that spirit of collaboration to the federal level, it could result in capital reforms for both types of financial institutions, said Linda Armyn, senior vice president of corporate strategy for the $5.3 billion Bethpage FCU.
Armyn made the remark while moderating a legislative briefing Thursday on Capitol Hill in support of H.R. 719, the Expanding Consumer Access to Affordable Financial Services Act, which would give credit unions access to supplemental capital. The bill currently has 38 co-sponsors: 28 are Democrats, and 10 are Republicans.
While trade association representatives on the briefing panel said they hope to work together with bank trade associations to advance the bill, the other side of the aisle has traditionally refused to work together with credit unions in Congress.
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