Rose Bartolomucci, president/CEO of the $114 million Towpath Credit Union in Akron, Ohio, urged Congress Dec. 4 to pass several pieces of legislation that CUNA has argued would ease regulatory burden on credit unions.
Bartolomucci, testifying before the House Committee on Financial Services on behalf of CUNA, said H.R. 3584 would help state-chartered, privately insured credit unions by allowing them to apply for membership in the Federal Home Loan Bank System.
"Some state-chartered credit unions are privately insured and under current law, cannot apply for membership to the FHLB System. Permitting these few credit unions to apply for membership to the FHLB System would help them serve the financial needs of their members," she said.
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