Newsroom

December 08, 2016

2017 expectations, NCUSIF premium charge eyed in NAFCU call-in

NAFCU senior staff told member call-in participants Thursday that it will fight any effort by the NCUA to charge a National Credit Union Share Insurance Fund premium next year, and that the association will do so using all available channels.

NAFCU President and CEO Dan Berger opened Thursday's call, noting that "2017 is shaping up to be one of the busiest years we've had in a long time." He noted that he has met with members of President-elect Donald Trump's transition team to talk about various initiatives, including their plans to evaluate the CFPB.

Berger encouraged credit unions to respond to NAFCU's grassroots efforts in this coming year as many changes will be underway.

Carrie Hunt, NAFCU's executive vice president of government affairs and general counsel, told members that NAFCU stands firmly against a share insurance fund premium charge unless it's by law.

Earlier this week, the NAFCU Share Insurance, Liquidity and Development Fund Oversight Committee, made up of association member representatives, urged the NCUA Board to explore optionsthat would negate the need for a share insurance premium to be charged in 2017.

Also during Thursday's call:

  • NAFCU Vice President of Legislative Affairs Brad Thaler told credit union listeners that Congress is working on a deal to fund the government through April 28; current funding runs out tonight. He also discussed changes coming to various House and Senate committees as well as congressional actions expected next year. Those include Dodd-Frank Act and CFPB reforms and the reintroduction of the "Financial CHOICE Act," which has numerous NAFCU-supported provisions, including language to repeal the Durbin amendment.
  • Director of Regulatory Affairs Alexander Monterrubio focused on actions pending at the NCUA, where an open board seat will be filled and a new chairman named. He also said the NCUA is expected to do a briefing soon on supplemental capital. Regarding the CFPB, Monterrubio said depending on changes that occur at the bureau with a new Congress and administration, rulemaking could slow down.
  • Director of Regulatory Compliance Brandy Bruyere said her team will continue to focus on helping credit unions comply with upcoming rules, such as the mortgage servicing rules and the Home Mortgage Disclosure Act.
  • Director of Political Affairs Dan O'Briengave an updated analysis of the election and NAFCU's PAC. He reiterated NAFCU's involvements with the Trump transition team to ensure credit unions' concerns are heard. O'Brien also encouraged credit unions to get involved in NAFCU's grassroots effortsto educate new members of Congress on credit union issues.
  • Chief Economist and Director of Research Curt Long discussed the Federal Open Market Committee's meeting next week and the likelihood that interest rates will be increased. Long also discussed the National Credit Union Share Insurance Fund and the probability of a premium charge next year. He also noted NCUA's third-quarter numbers, adding that NAFCU's quarterly reports for member credit unions, the CU Performance Benchmark and Operating Expense Reports, are ready for download.