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Ahead of President Donald Trump's State of the Union address tonight, NAFCU is calling for increased regulatory relief for the credit union industry. NAFCU is actively engaged with the administration and Congress, federal regulators and other stakeholders to find ways to reduce the amount of regulations with which credit unions must comply.

NAFCU, along with other financial trades, sent a letter Monday to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., urging them to bring a bipartisan regulatory relief package to the Senate floor for a vote.

The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) includes several NAFCU-backed provisions, including one to provide relief under the member business lending (MBL) cap and certain Home Mortgage Disclosure Act (HMDA) disclosure requirements. The Senate Banking Committee reported the bill late last year and it awaits action before the full Senate.

There are several NAFCU-backed regulatory relief bills in the House as well, including legislation to repeal the NCUA's risk-based capital (RBC) rule, raise the CFPB's exemption threshold for community institutions, and more.

NAFCU has also offered ways in which the CFPB could provide credit unions with much-needed regulatory relief. CFPB Acting Director Mick Mulvaney recently released a memo outlining how the bureau will review its regulatory and enforcement efforts.

Trump has pursued regulatory relief efforts during his first year in office, including signing an executive order directing federal agencies to establish regulatory reform task forces to research all regulations in an effort to repeal or simplify those deemed most burdensome on the economy. Trump has also ordered the Treasury Department to find ways to ease burdens under the Dodd-Frank Act, and government agencies to cut two existing regulations for every new rule put forth.

Creating a positive regulatory environment for credit unions with appropriate and tailored regulations is part of NAFCU's 2018 advocacy priorities.