Newsroom

December 16, 2014

Hunt, in video, talks RBC, credit-check, more

NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt provides a year-end regulatory and legislative recap in a video message on issues such as NCUA's risk-based capital proposal, the Department of Defense's credit-check proposal, the credit union tax exemption and CFPB rulemaking.

Hunt begins by thanking NAFCU's member credit unions for their own advocacy efforts, specifically regarding RBC. "All the comment letters you wrote on risk-based capital were particularly effective in making sure that both the regulator and the policymakers on Capitol Hill really understood how that proposal would impact you," she says.

She notes NCUA Board Chairman Debbie Matz's hope to have a new risk-based capital proposal released during the January board meeting with changes expected in that proposed rule regarding risk weights and legal definitions. But, she says, NAFCU continues to pursue legislation.

"NAFCU thinks we need to have legislative changes relative to capital in order to have a fair risk-based system, and in the meantime we will do everything we possibly can both on the regulatory side and legislative side to make sure that we end up in a positive space," Hunt says.

Hunt also discusses CFPB's intention to address overdraft, and she notes the added regulatory burden all credit unions would bear under DoD's credit-check proposal. She also discusses the recent legislative win for credit unions: parity with banks on escrow accounts such as Interest on Lawyer Trust Accounts, or IOLTAs, which awaits the president's signature.

Hunt says protecting credit unions' tax exemption remains NAFCU's No. 1 priority, and the association will continue to fight for national data security and notification standards for retailers that match those of financial institutions.