Letters to Regulators: NCUA Budget for 2024-2025 Should Account for Climate-Related Financial Risk to Credit Unions and Consumer Protection Needs

Americans for Financial Reform Education Fund led and submitted a comment letter, to the NCUA on the agency’s draft 2024-2025 budget. The letter was endorsed by Green America, the National Coalition for Asian Pacific American Community Development, the National Fair Housing Alliance, New York Communities for Change, Public Citizen, and The Greenlining Institute.

The letter recommends that the NCUA fund a Climate Resilience Office to systematize disaster recovery, climate resilience, and green lending opportunities for credit unions and their communities, including in coordination with other agencies and Biden Administration efforts. It also recommends the NCUA develop a climate risk and resilience toolkit and guidance on fair lending laws, green lending, and climate resilience for its members. Finally, the letter explains that the agency should update examiner training and examinations to take into account climate risks and develop climate scenario analysis for the largest credit unions.

The letter was highlighted in an article by CuCollaborate.