Feb. 12, 2013 – NAFCU President and CEO Fred Becker today called on key members of the House and Senate to support the association’s proposed five-point plan for providing broad-based regulatory relief to the nation’s federal credit unions through administrative, capital, structural, operational and data security reforms.
“Federal credit unions are well-managed, well-run institutions whose activities did not contribute to the financial crisis, yet their regulatory burden has reached epic proportions,” said Becker. “NAFCU’s five-point plan provides a solid framework for making meaningful improvements that will reduce the regulatory burden on credit unions so they can continue to do what they do best – provide valued services to their 95 million members throughout the United States.”
Becker detailed NAFCU’s five-point plan in a letter this morning to the House Financial Services Committee and Senate Banking Committee. The plan combines a series of ideas and proposals NAFCU has been promoting for some time with lawmakers and regulators based on input received from member credit unions. These provisions would modernize the Federal Credit Union Act and establish new federal data security requirements. Two NCUA studies are proposed.
Following are the highlights: