Jan. 2, 2014 – With a rallying cry of “enough is enough” on the overregulated credit union industry, NAFCU laid out its top legislative and regulatory priorities for 2014 aimed at protecting credit unions’ tax-exempt status while also reining in onerous regulations.
NAFCU’s board of directors considered and approved several top priorities for the association in the coming year. Preserving credit unions’ federal income tax exemption tops that list.
The association will also be working to ensure credit unions’ continued access to the secondary mortgage market, seek improvements in federal data security requirements for merchants, stop the overregulation of credit unions, oppose the lowering of debit interchange fees and more.
“In 2013, NAFCU achieved many important successes – on Capitol Hill and with the regulatory agencies,” said NAFCU President and CEO Dan Berger. “We advanced our five-point plan for regulatory relief and have seen its measures reflected in several pieces of promising legislation, including the ‘Regulatory Relief for Credit Unions Act,’ H.R. 2572, from Financial Services Committee Vice Chairman Gary Miller, R-Calif., among others. We testified five times before Congress against overregulation, including highlighting the unintended consequences of all of the mortgage rules promulgated by the CFPB. This year, the association will continue the fight against overregulation at every opportunity.”
The association’s 2014 top priorities are listed in full and detailed in a special, two-page Jan. 2 NAFCU UPDATE.