NAFCU President and CEO Fred
Becker is pressing the association's
five-point plan for credit union regulatory
Feb. 27, 2013 – Credit unions are suffering under “overwhelming” regulatory burden and need broad-based relief now, NAFCU President and CEO Fred Becker said Tuesday in a renewed call for action on the association’s five-point plan in CUInsight.
“Protecting the credit union federal income tax exemption is still job #1 at NAFCU,” Becker stressed in Tuesday's article. “But as important as protecting the tax exemption is, we know that regulatory burden is crippling credit unions and their ability to help their members.”
Released Feb. 12, NAFCU’s plan seeks enhanced administrative powers for NCUA, capital reforms, structural improvements for credit unions, operational improvements for credit unions and data security reforms.
Three bills were introduced in the House just days after NAFCU’s release of its plan, and NAFCU is working and encouraging credit unions to work for support and passage of each of them. They are:
- H.R. 688, the “Credit Union Small Business Jobs Creation Act,” to raise the credit union member business lending cap;
- H.R. 719, the “Capital Access for Small Businesses and Jobs Act,” to address supplemental capital for credit unions; and
- H.R. 749, the “Eliminate Privacy Notice Confusion Act,” to eliminate the requirement to mail privacy notices in years the institution’s policies are not changed.
Credit unions are also encouraged to contact their House representatives to seek their support and cosponsorship of H.R. 688, H.R. 719 and H.R. 749. For lawmakers’ Capitol Hill offices, dial the U.S. Capitol switchboard at 202-224-3121. Or visit NAFCU’s grassroots action center.
NAFCU has also provided all credit unions access to its landmark study on the credit union exemption, which generates a total benefit U.S. consumers that exceeds $10 billion a year. Credit unions are encouraged to use this study in their own conversations with their representatives and senators as Congress moves forward on tax-reform and deficit-reduction talks.