NAFCU’s Congressional Caucus brings together credit unions from across the country to raise awareness of the industry’s unique nature and role with legislators in Washington, and to reinforce the need for choice and availability of financial services.
Regulatory Relief
NAFCU introduced its Five-Point Plan for Credit Union Regulatory Relief in an effort to focus Congress on enacting real relief for overburdened credit unions. Congress has responded by introducing and acting on certain pieces of legislation pertaining to this plan, but we need your help to pass these bills and encourage the introduction of even more legislation. The Five-Point Plan focuses on:
- Administrative improvements to the NCUA;
- Capital reform, such as access to supplemental capital;
- Structural improvements, including an easier process for expanding a federal credit union's field of membership;
- Operational improvements, including raising the credit union member business lending cap and allowing credit unions greater authority in how they invest; and
- Data security reform by establishing national standards for safekeeping of all financial information.
View the full overview of the Five-Point Plan
Protecting the Federal Tax Exemption
Faced with increasing pressure to reduce the deficit, Congress has kept comprehensive tax reform on its agenda. While no legislation has singled out credit unions, various proposals are calling for tax expenditure reforms, which could impact the credit union federal tax exemption. The powerful House Ways and Means Committee has broken tax issues down into working groups and will be holding hearings on tax expenditures and entitlements. NAFCU remains vigilant in protecting the credit union federal tax exemption. View the groundbreaking study NAFCU commissioned about the benefits of the credit union federal tax exemption.
Housing Finance Reform
Congress continues to examine the future of housing finance reform and the future of the secondary market will be vigorously debated in the 113th Congress. NAFCU is working to ensure credit unions maintain access to a secondary market in any housing finance reform that Congress may enact. Learn more about the housing finance reform issue.