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NAFCU's legislative and regulatory teams spoke in an open format to credit union executives about the association's advocacy efforts and strategic focus on easing the industry's regulatory burden during an industry and Washington update at the association's 50th Annual Conference Thursday in Honolulu.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt moderated Thursday's panel, which included Vice President of Legislation Affairs Brad Thaler, Vice President of Regulatory Compliance Brandy Bruyere, Director of Political Affairs Dan O'Brien and Director of Regulatory Affairs Alexander Monterrubio.

Hunt led the panel discussion by highlighting the five tenets that will provide credit unions with a healthy regulatory environment where they can thrive. These tenets include:

• a regulatory environment that allows credit unions to grow;
• appropriate, tailored regulation for credit unions and relief from growing regulatory burdens;
• a fair playing field;
• transparency and independent oversight; and
• a strong, independent NCUA as the primary regulator for credit unions.

Elaborating on these tenets, Thaler focused on regulatory relief. He said both parties in Congress recognize that credit unions didn't cause the financial crisis, and this has helped create an appetite for relief for the industry.

NAFCU's Carrie Hunt (Joseph Esser Photography)

Monterrubio discussed the various executive orders issued by President Donald Trump and the Treasury report that was released earlier this week pertaining to credit unions' regulatory environment. He said NAFCU is pushing for just as much regulatory relief for credit unions as there is being discussed for banks.

Discussing the political world, O'Brien encouraged credit unions to reach out to their lawmakers via social media, noting that policy discussions are taking place there more and more. He encouraged credit unions to use NAFCU's Grassroots Action Center to help with their advocacy efforts.

Bruyere discussed upcoming compliance deadlines, including: the CFPB's mortgage servicing rules, credit card compliance under the Military Lending Act, the Home Mortgage Disclosure Act, the prepaids rule, the Financial Crimes Enforcement Network's due diligence rule and Regulation CC (Expedited Funds Availability Act).

She addressed the difficulty credit unions are having with compliance related to the HMDA rule. Monterrubio added that NAFCU is pushing the CFPB to delay the compliance date, which is currently set for Jan. 1. Thaler noted that even Congress understands the compliance burden associated with HMDA and that legislation has been introduced to address this burden.

Thaler also addressed tax reform and said the credit union tax exemption is not directly at risk, but that "we need to stay vigilant." There is a chance, he said, that there will be a tax bill in this Congress.

The NAFCU staff on Thursday also addressed housing finance reform and the current state of Fannie Mae and Freddie Mac. Credit unions' capital requirements and serving the marijuana industry also were discussed.

NAFCU's Annual Conference runs through today; follow the #NAFCUAnnual hashtag for the latest information on the conference.