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Congresswoman Joyce Beatty

Representing the 3rd District of Ohio

Congresswoman Beatty assists in passage of bipartisan Capital Access for Small Community Financial Institutions Act out of House Financial Services Committee

Mar 14, 2014
Press Release

Beatty assists in passage of bipartisan Capital Access for Small Community Financial Institutions Act out of House Financial Services Committee

H.R. 3584 will permit privately-insured credit unions to apply for membership in the

Federal Home Loan Bank system and help provide greater access to credit to individuals and businesses

(Washington, DC) – Congresswoman Joyce Beatty (OH-03) released the following statement on her support for the Capital Access for Small Community Financial Institutions, H.R. 3584, which was favorably reported out of House Financial Services Committee with unanimous bipartisan support by a vote of 55-0 .

The Capital Access for Small Community Financial Intuitions will allow privately-insured credit unions to apply for membership in the Federal Home Loan Bank System.  The bill helps provide individuals and businesses greater access to credit in a tight credit-market.

H.R. 3584 was initially met with resistance from some Democratic members of the House Financial Services Committee and the National Credit Union Administration (NCUA); however, Congresswoman Beatty worked with Ranking Member Waters, Committee Democrats, Congressman Stivers, and NCUA to draft amendments that reduced concerns in the legislation.

Congresswoman Beatty offered her amendments for two reasons.  First, she wanted to clarify that the NCUA lacks regulatory authority over privately-insured credit unions.  Second, she inserted language that requires the Government Accountability Office to study, and report to Congress, whether the insurance reserves of Dublin-based private insurer, American Share Insurance, are adequately capitalized and also whether privately-insured credit unions are complying with federal disclosure laws regarding their lack of federal deposit insurance.

“Once again, we are seeing what the byproduct of bipartisanship produces with the passage of the Capital Access for Small Community Financial Institutions Act.  Congressman Steve Stivers and I took the time to consult with stakeholders and our colleagues to produce a bill that alleviated concerns.”

“The even better byproduct of the bill is that individuals and businesses will receive greater access to credit in a tight credit-market, which will hopefully benefit local economies across the country.”